Another market milestone: S&P; 500 closes above 1,400

By Walter Hamilton

March 15, 2012 12 AM PT

The Dow and the Nasdaq each achieved milestones recently, so it was time for the Standard & Poor’s 500 index to follow suit.

The index of 500 large U.S. companies closed above 1,400 Thursday for the first time since June 2008, finishing up 8.32 points, or 0.6%, at 1,402.60.

The index is up 11.5% this year, but still down 10.4% from its record close in October 2007.

It’s another sign of investor optimism amid improving economic data. Stock prices were driven up by an encouraging report on first-time jobless claims.

For one of the few times this year, the S&P didn’t get a boost from one of its biggest components,Apple Inc.

Barely a month after piercing $500, the technology colossus briefly surpassed $600 early in the session. But the price fell back and the shares closed down 0.7%.

Mutual funds lag continue to behind the stock market

Exiting Goldman Sachs exec blasts firm’s ‘toxic,’ greedy culture