Dow closes above 11,000 for the first time since May

NEW YORK (AP) — The Dow Jones industrial average closed above 11,000 for the first time in five months today as hopes built that the Federal Reserve will take more action to get the economy going again.

The milestone, which effectively erases the effects of a long summer slump for stocks, comes one day before the three-year anniversary of the market's all-time high. The Dow is still 22.3 percent below that level.

The last time the Dow closed above 11,000 was May 3, just three days prior to a harrowing "flash crash" that briefly sent stocks plummeting. The Dow had reached its highest level of the year just a week before.

A weaker jobs report added to a series of tepid economic indicators in recent weeks that have built expectations that the Fed will announce new steps to encourage borrowing when it meets in early November.