Stocks climb to record highs as economy begins to make a comeback

U.S. stocks have climbed to record levels after key companies have reported strong earnings, pointing to a rebound in consumer spending.
1:05 | 04/16/21

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Transcript for Stocks climb to record highs as economy begins to make a comeback
We move to the financial markets set to open fresh off new all-time highs. The Dow Jones soared as new signs point to a big comeback for the economy. Deidre Bolton joins us from wall Street with what's behind the rally. Good morning, Deidre. Reporter: Good morning, a big day here on Wall Street on Thursday the Dow and S&P 500 closed at all-time record highs, the Dow closed above 34,000 for the first time ever. The U.S. Economy is firing on all cylinders and investors love that. Economists say increased vaccination rates are helping businesses re-open and the stimulus program is helping a lot so that is exactly as intended. For example, in March alone, consumer spending at restaurants rose more than 13%. Retail, apparel sales jumped more than 18%. Showing that Americans are getting out, they are spending money and that is feeding the recovery. In addition, fewer Americans applied for unemployment benefits last week. The best level in 13 months, so going back to last March, in fact, so, George, it seems like better days are ahead. Okay, Deidre, thanks very

This transcript has been automatically generated and may not be 100% accurate.

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