10/08/10: The Dow closed above 11,000 for the first time since early May on hopes the Federal Reserve will step in to spur economic growth.

The Dow Jones Industrial Average rose 57.90 points or 0.5 percent, on Friday, and 176.80 points or 1.6 percent for the week, to close at 11,006.48. It was the first time the blue-chip index closed above the psychologically significant 11,000-level since May 3. The first time the Dow closed above 11,000 was eleven years earlier, on May 3, 1999.

The highest close for the Dow this year was on April 26, when the index reached 11,205, 1.8 percent higher than Friday’s closing price.

(Source: CNBC)