The Dow Jones Industrial Average had its first close over 16,000 as U.S. stocks rose on data showing an improved job market causing some companies to announce a repurchase of shares.

More specifically, Union Pacific, Johnson Controls and Ace gained at least 1.4 percent. Micron Technology Inc. jumped 6.3 percent, the most since August. General Motors Co. (GM) rallied 1.1 percent following the announcement of the U.S. Treasury Department to sell its remaining stake in the company. Target Corp. (TGT) fell 3.5 percent after reporting lower-than anticipated yield due to losses in its Canadian branch.

The Standard & Poor’s 500 Index gained 0.8 percent to 1,795.85 at 4 p.m. in New York, nearly eliminating the drop of the last three day. The Dow average climbed 109.17 points, or 0.7 percent, to a record 16,009.60.

The near record-high mutual-fund market and the deepening bond losses that threaten to fall even more on increasing interest rates have sent U.S. investors to stock mutual funds spending more money on them than they have in the past 13 years. So far this year sock funds earned $172 billion, the most since the 2000 overall of $272 billion, according to the estimates of Morningstar Inc.