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Dow Jones closes above 15,000 for first time

Tue, 07 May 2013 20:28:00 +0000

NEW YORK (AP) -- The Dow Jones industrial average is punching through another milestone: its first close above 15,000.

The Dow rose 87 points to 15,056 points Tuesday, a gain of 0.6 percent.

It was another milestone in the market's epic ascent in 2013. Good economic reports, higher corporate profits and support from central banks have eased investors' concerns that another economic slowdown could upend the market.

Two months ago the Dow recovered the last of its losses from the financial crisis. So far this year it's up 15 percent.

The Standard & Poor's 500 rose eight points to 1,625, also a record close. The Nasdaq rose four to 3,396, or 0.1 percent.

Three stocks rose for every one that fell on the New York Stock Exchange. Volume was light at 3.2 billion shares.

Dow Jones crosses 15,000 for first time ever

Fri, 03 May 2013 15:08:00 +0000

The Dow Jones Industrial Average on Friday topped 15,000 as an unexpectedly robust monthly jobs report from the Labor Department eased fears of a spring swoon. The broader S&P 500 index also crossed into uncharted territory, going over 1,600 for the first time ever.

The surge on Wall Street followed a report from the Burea of Labor Statistics that 165,000 jobs were created in April and the employment rate went down to 7.5 percent from 7.6 percent.

In late morning trading, the Dow was up 1.17 percent while the S&P 500 rose 1.25 percent. The tech-heavy Nasdaq Composite Index jumped 1.3 percent to 3,383 in late morning trading.

Dow Jones soars following April jobs report

Fri, 03 May 2013 14:52:00 +0000

NEW YORK (AP) — Stocks are soaring in early trading after hiring surged in the U.S. last month and unemployment hit a four-year low.

The Standard & Poor's 500 index crossed 1,600 for the first time. In the first minutes of trading Friday, it was up 16 points at 1,613, a gain of 1 percent.

The Dow Jones industrial average jumped 134 points, or 0.9 percent, to 14,964.

The Nasdaq composite rose 37 points, or 1 percent, to 3,378.

Investors were encouraged after U.S. employers added 165,000 jobs in April, and hiring was much stronger in the previous two months than the government first estimated. The job increases helped lower the unemployment rate from 7.6 percent to a four-year low of 7.5 percent.

S&P 500 reaches new high

Mon, 29 Apr 2013 22:44:00 +0000

NEW YORK (AP) - Technology companies led the Standard & Poor's 500 index to an all-time closing high Monday.

The stock market has recovered all the ground it lost over the previous two weeks, when worries over slower economic growth, falling commodity prices and disappointing quarterly earnings battered financial markets.

The S&P 500 index rose 11.37 points to close at 1,593.61. The 0.7 percent increase nudged the index above its previous closing high of 1,593.36, reached on April 11.

"The market has had a terrific run," said Philip Orlando, chief equity strategist at Federated Investors, noting that the S&P 500 is up 12 percent since the start of 2013. "At the beginning of the year, I thought we were going to 1,660 (for the whole year). We're only about 5 percent from that."

A pair of better economic reports gave investors some encouragement. Wages and spending rose in the U.S. last month, and pending home sales hit their highest level in three years.

The Dow Jones industrial average rose 106.20 points to 14,818.75, up 0.7 percent. Microsoft and IBM were among the Dow's best performers, rising more than 2 percent each.

Hackers compromise AP Twitter account

Tue, 23 Apr 2013 18:13:00 +0000

LONDON (AP) — Hackers compromised Twitter accounts of The Associated Press on Tuesday, sending out an erroneous tweet about an attack at the White House.

The tweet said that there had been two explosions at the White House and President Barack Obama was injured. The attack on AP's Twitter account and AP Mobile Twitter account was preceded by a phishing attempt on AP's corporate network.

The AP confirmed that its Twitter account had been suspended following a hack and said it was working to correct the issue.

The tweet put out by hackers briefly sent the Dow Jones Industrial Average sharply lower.

Dow experiences worst day of the year

Mon, 15 Apr 2013 20:45:00 +0000

NEW YORK (AP) — The stock market had its worst drop this year as prices for oil and other commodities fell sharply on concerns about slowing growth in China.

Oil fell to a four-month low, dragging down energy stocks. Mining companies sank after gold had its biggest one-day drop since 1983.

The Dow Jones industrial average fell 265 points to close at 14,599 Monday. The 1.8 percent drop was its worst since November.

Other indexes fell even more.

The Standard & Poor's 500 fell 36 points to 1,552, or 2.3 percent. The Nasdaq fell 78 points, 2.4 percent, to 3,216. The Russell 2000 of small-company stocks plunged 3.8 percent to 907.20.

Seven stocks fell for every one that rose on the New York Stock Exchange. Volume was heavy at 4.6 billion shares.

5 reasons American workers could care less about the Dow record

Wed, 06 Mar 2013 13:09:00 +0000

WASHINGTON (AP) — The Dow roared to a record Tuesday. Yet the market's run-up feels worlds away from the lives of many Americans.

Wages have only recently started to recover after months of declines that stretched family budgets thin. Unemployment is stuck near 8 percent, high enough that most Americans still know people who are out of work. Signs of a housing recovery have boosted stocks, yet millions of people face foreclosure.

Here are five reasons why many Americans don't share Wall Street's cork-popping mood:

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Fewer people have money invested in the stock market, so many missed out on the rally.

Americans sold more stocks than they bought for a fifth straight year in 2012, despite unprecedented efforts by the Federal Reserve to juice the market and encourage investment. Americans have sold hundreds of billions of dollars' worth of stock — the first time on record that's happened during a sustained bull market. The market rise has been powered by companies buying their own stock.

The flight from stock markets has coincided with a series of confidence-rattling stumbles: last year's botched initial public offerings by Facebook and BATS Global Markets; the 2010 flash crash that sent the Dow plunging 600 points in five minutes; unprecedented volatility related to European and U.S. fiscal policy debates.

Dow ends above 14,000 for first time since fall 2007

Fri, 01 Feb 2013 21:40:00 +0000

NEW YORK (AP) — The Dow stock market index closed above 14,000 for the first time since before the financial crisis rocked the world economy.

Propelled by strong auto sales and optimism about U.S. jobs, the Dow Jones industrial average crossed the line early Friday and continued flirting with the mark all day. The other major stock indexes also rose.

The Dow was up 149 points to 14,010. It's gained 6.9 percent this year. The Standard & Poor's 500 rose 15 to 1,513. The Nasdaq composite index added 37 to 3,179.

The government jobs report that pushed stocks forward was mixed. The U.S. said it added 157,000 jobs in January, in line with expectations. But unemployment inched up to 7.9 percent.

Automakers Toyota, Ford, GM and Chrysler all reported double-digit sales gains for January.

Dow rises for fourth straight year

Mon, 31 Dec 2012 22:55:00 +0000

The Dow Jones Industrial Average climbed 7.3 percent in 2012, the fourth straight year in which the leading index maked gains. The Wall Street Journal (subscription required) reports that the index is up an impressive 100.15 percent since its great recession low in March 2009.

After climbing in the first three quarters of this year, the Dow dropped in the fourth quarter for the firt time since 2008. Despite ongoing concerns over the fiscal cliff, the Dow climbed 166 points today, its best ever showing on New Years Eve. The broader S&P 500 index had its best New Year's Eve since 1974.

WSJ:

The S&P 500 and [technology heavy] Nasdaq both rose for the eighth year in the past 10, after slipping last year. The S&P stands 111% above its 2009 low, and the Nasdaq is 138% above its.

These astounding gains show that the great recession was a once in a lifetime buying opportunity for those who still had faith in the markets (or money to invest).