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.
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.
Hilarious how the world works in Crazy Conservative Land.
"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.
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.
Some "financial" column. The Dow is artifically propped up and is no indicator of the health of the economy.
When we print more money just to get ahead, it eventually catches up. You yeah sayers are the true idiots!
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.
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.
Some people think it will keep going up, and up, and up, and.......
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.
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The solid report comes a month after the retailer closed all of its Canadian operations.
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