Stocks end higher; Dow at fresh six-year high

The fact that the stock market can shake off $70 oil indicates earnings and the economic outlook as a whole appear strong enough to compensate.

NEW YORK (MarketWatch) -- U.S. stocks ended higher Thursday as strong April sales results for retailers and a drop in crude-oil prices to a one-month low lifted the Dow Jones Industrial Average to its best level in more than six years. Gains came even as the latest data showed a rise in labor costs in the first quarter, a worrying development for those investors concerned the Federal Reserve may have to keep raising interest rates to choke off inflationary pressure.

DOW up 38.58 points today at 11,438.86. The previous highest close was 11,489.36 on 1/19/2000. Today's close was within 285 points of the all time closing high of 11,722.98 on 1/14/2000.