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Dow Closes Above 16,000 on Jobless Claims, Buybacks

U.S. stocks rose, sending the Dow Jones Industrial Average to its first close above 16,000, as data showed improvement in the job market and companies including Union Pacific Corp., Johnson Controls Inc. and Ace Ltd. said they would repurchase shares.

Union Pacific, Johnson Controls and Ace advanced at least 1.4 percent. Micron Technology Inc. rallied 6.3 percent, the most since August, as David Einhorn, president of Greenlight Capital Inc., recommended the shares. General Motors Co. gained 1.1 percent after the U.S. Treasury Department said it plans to sell its remaining stake in the company. Target Corp. lost 3.5 percent after reporting profit that trailed analysts’ estimates on a loss in its Canadian unit.