US stocks hit fresh record highs | Inquirer Business

US stocks hit fresh record highs

/ 06:00 AM May 16, 2013

Traders gather at the post of specialist Ronnie Howard, center, on the floor of the New York Stock Exchange in this April 29, 2013, file photo. US stocks closed at new all-time highs following a choppy day of trading Wednesday as investors shrugged off more economic gloom from the eurozone. AP PHOTO/RICHARD DREW

NEW YORK—US stocks closed at new all-time highs following a choppy day of trading Wednesday as investors shrugged off more economic gloom from the eurozone.

The Dow Jones Industrial Average rose 60.44 (0.40 percent) to 15,275.69, setting a new record closing high for the second day in a row.


The broad-based S&P 500 added 8.44 (0.51 percent) at 1,658.78, its fourth straight day of record closes, while the Nasdaq Composite Index increased 9.01 (0.26 percent) to 3,471.62.


All three indices rose through the early afternoon, then retreated somewhat before staging a late rally.

Official European Union figures showed the eurozone economy shrank 0.2 percent between January and March, the sixth consecutive quarterly contraction in the longest recession since the single currency bloc was established in 1999.

On the positive side on this side of the Atlantic, builder confidence in the US market for newly built, single-family homes rose three points to 44, according to a reading on the National Association of Home Builders/Wells Fargo Housing Market Index.

Art Hogan of Lazard Capital Markets said the market was reacting to a “steadily improving housing sector” as shown by the NAHB data.

“It’s been the same theme for most of this year,” said Michael James, managing director of equity trading at Wedbush Morgan Securities. “Any pullback in the market is a buying opportunity.”

James said the market was cheered by strong gains in financial equities, such as JPMorgan Chase, which rose 1.7 percent.


Apple dropped 3.4 percent following reports that a number of leading hedge funds exited or reduced their holdings in the company in the first quarter. Among those to trim holdings were David Tepper’s Appaloosa Management, which reduced its stake to 540,00 shares from almost 913,000 shares.

Google put on 3.3 percent after unveiling a music service for smartphones and tablets powered by its Android software. The technology giant’s Google Play All Access launched in the US with a monthly subscription fee of $10.

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The yield on the 10-year US Treasury slipped to 1.94 percent from 1.95 percent late Tuesday, while the 30-year held steady at 3.16 percent, the same level as Tuesday. Bond prices move inversely to yields.

TAGS: close, stocks, US

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