Dow tops 14,500 for 1st time; S&P also nears record

The rally continues for a 10th day after a drop in jobless claims suggests the economic recovery is on track. The S&P 500 is just points from its 2007 high.

By MSNMoney partner Mar 14, 2013 10:59AM
Arrow Up Nicholas Monu iStock Exclusive Getty ImagesBy Reuters

Wall Street rose again Thursday and the Dow extended its recent winning streak to 10 days in early trading, topping the key 14,500 mark for the first time ever, after data showed the labor market recovery is gaining traction.

The broader S&P 500 was also closing in on its all-time high in the wake of new record levels for the Dow. The S&P is roughly 5 points from its closing peak of 1,565.15, set in October 2007.

A 10-day run of advances for the Dow would match a string of gains last seen in late 1996. U.S. equities have accelerated since the start of the year, boosted by improvement in the economy and continued easy monetary policy from the Federal Reserve.

"You don't string together more than eight or nine days very often," said Jack De Gan, chief investment officer at Harbor Advisory Corp in Portsmouth, New Hampshire.

"We're pretty clearly going to get a correction here soon, but I don't think it'll be much. It could be precipitated by almost anything."

Data on Thursday offered fresh signs of strength in the labor market as the number of filings for new unemployment benefits unexpectedly fell in the latest week, following declines in the previous two weeks.

A separate report showed U.S. producer prices rose in February by the most in five months as gasoline prices spiked. There was, however, little sign of a broader increase in inflation pressures that could force the Fed to tighten monetary policy.

The Dow Jones industrial average gained 57.25 points, or 0.40 percent, to 14,512.53. The Standard & Poor's 500 Index added 5.79 points, or 0.37 percent, to 1,560.31. The Nasdaq Composite Index rose 12.23 points, or 0.38 percent, to 3,257.35.

Ebay gained 2.6 percent to $52.32 after Evercore Partners raised its rating to "overweight."

But on the downside, Amazon shares fell 2.5 percent to $268.17 after JPMorgan cut its rating on the stock to "neutral" from "overweight" and lowered its price target to $300 from $333.


Copyright Thomson Reuters 2013.
121Comments
Mar 14, 2013 11:21AM
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And when will all this good news on market upturn help the common man?
Mar 14, 2013 11:33AM
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With gas close to $4.00/gallon and record high national debt - I still don't feel all warm and fuzzy inside regardless of what the stock market does.
Mar 14, 2013 12:05PM
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When the DOW is down and unemployment claims are up, it's because Obama is a horrible president who understands nothing about the economy. When the DOW is up and jobless claims are down, these things are suddenly not reflective of the economy and definitely not due to anything good that Obama has done.

Hilarious how the world works in Crazy Conservative Land.
Mar 14, 2013 11:51AM
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American Jobs Act

"Without a doubt, the most urgent challenge that we face right now is getting our economy to grow faster and to create more jobs…. we can’t wait for an increasingly dysfunctional Congress to do its job. Where they won’t act, I will." —President Barack Obama, October 24, 2011

 

It would be nice if President Obama "had help" from the republicans with the rest of our economy...Like JOB creation.

Mar 14, 2013 11:27AM
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Please please please  STOP distorting the facts with these nonsensical headlines.  Aside from the fact that the Dow is a notoriously poor measure of the economy's overall health, touting that it has reached 14,500 "for the first time" is mind numbingly stupid.  Adjusted for inflation, the DOW at

14, 500 is  just a bit less than 10% below its historical high.  It's like getting excited if I were to tell you that you are going to be receiving "your highest salary ever" but that it will be the equivalent in terms of its worth of what you made in 1990.  Please do some work and report some meaningful news.

Mar 14, 2013 11:47AM
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Some "financial" column. The Dow is artifically propped up and is no indicator of the health of the economy.

Mar 14, 2013 11:44AM
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When we print more money just to get ahead, it eventually catches up. You yeah sayers are the true idiots!

Mar 14, 2013 1:40PM
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I notice an obvious lack of the name Obama in this thread by conservatives. Had this story been about the DOW at an all time low, the comment count would be at about 4,000.

So Obama can only be responsible for any aspect of the economy when its negative? 

Well that is what separates the honest conservatives within the GOP from trolls hell bent on slamming him.  

Mar 14, 2013 11:18AM
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Wait for iiiiittttttt!  POP, and we are toast with inflation and a depression like we have never seeen before.
Mar 14, 2013 12:06PM
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Investment “Banks” like Goldman Sacks have access to unlimited zero interest money, so theoretically they could drive stock prices to infinity. But it doesn’t mean anything. Only real earned dollars, which are few to none on Wall Street, can provide real gains.

Mar 14, 2013 12:10PM
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With Obama printing money hand over fist, the only way to stay afloat is to invest in the market. Eventually this nation will fall under Obama's policies. He needs to be impeached now before any more damage occurs.
Mar 14, 2013 11:45AM
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propped up by the feds , it is really just a false impression ... the soon to follow crash is what will destroy thousands of peoples lives and the media will somehow twist it into a 'good thing ' that the prez has done ... lies ,distortion , and convoluted reporting will not stop the coming collapse !
Mar 14, 2013 11:47AM
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Wait! This was the same thing that happened in 1927!!!!! History always repeats itself. No one seems to remember why!
Mar 14, 2013 1:57PM
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Rethuglican money page.Losers still crying  the sky is faqlling.Do yourself a favor and put yourself out of your misery and save the country. The Greedy Old Party are the only ones that cheer bad news and bitch  about good news. The best news is they are a dying party,and that is reason to celebrate.
Mar 14, 2013 12:54PM
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its all about greed going forward at our  expense
Mar 14, 2013 12:56PM
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dont it want to make you take a carnival cruise ?
Mar 14, 2013 11:23AM
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Some people think it will keep going up, and up, and up, and.......

                                                                                                      

Mar 14, 2013 12:40PM
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The DOW is oblivious of the National Debt which shows the true state of our economy and Main Street. The Fed Reserve and crooks on Capitol Hill are smiling as we're being robbed blind with more debt.

Mar 14, 2013 12:54PM
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As the value of dollar goes down, Dow average goes up.
Mar 14, 2013 3:14PM
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looks like we are headed for a bust, again.
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