Local Financial Advisor discusses significance of Wall Street record

By WEEK Producer

May 3, 2013 Updated May 3, 2013 at 10:44 PM CDT

A big day on Wall Street, as the Dow Jones averages topped the 15,000 mark for the first time ever.

For some it's a sign that the economy may have really turned a corner.

Caterpillar's stock jumped, according to Motley Fool, as a result of investors feeling better about the direction of the economy.

Shares of the firm have jumped 3.8% on Friday.

Cat wasn't the only hot performer; Alcola and General Electric were also on the rise.

News 25 Economic Advisor Scott Elger said people are looking for places to make some money.

"Interest rates are so low, and with our traditional investments like money markets and CDs, one of the only places to turn is a company that pays dividends, like the companies on the Dow Jones industrial averages. Those 30 big companies like Caterpillar, IBM, most of them pay dividends and they're very much in demand these days," said Elger.

The stock market rally came as the Labor Department said that employers added 165,000 jobs in April.

That pushed the national unemployment rate to 7.5%, a four year low.

"So really the whisper number was closer to 120,000 or something like that and so to Come in 165, that is great" says Yahoo Finance writer Jeff Macke. "I don't' think the economy is in great shakes.. I think we are doing better than the rest of the world.. and for now that's good enough."

And there's more positive news -- the Labor Department has revised the previous two jobs report upward. And Ford Motor co. has announced it will spend a billion dollars to modernize its Kansas City truck plant, adding 2,000 jobs.

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