Tag: market news

S&P 500 Reaches A New Five-Year Closing High

Posted on by The INO.com Team

The Standard and Poor's 500 closed at another five-year high Thursday after the stock market got a boost from reports suggesting the outlook for economic growth may be improving.

The S&P 500 rose 11.10 points to 1,472.12, its highest close since December 2007, when the U.S. economy was entering the Great Recession. It also closed at a five-year high on Friday and is now 93 points off its record close of 1,565.15, logged in October 2007.

The Dow Jones industrial average closed up 80.71 points at 13,471.22. The Nasdaq composite rose 15.95 points to 3,121.76.

European Central Bank President Mario Draghi said the struggling euro zone should start growing again later this year, but he warned that the region has yet to reach a turning point in its struggle with recession and handling its government debt load. The comments bolstered expectations that the worst of the region's crisis may be behind it. Continue reading "S&P 500 Reaches A New Five-Year Closing High" →

Markets head for big weekly gain after jobs report

Posted on by The INO.com Team

Stocks edged higher after a report showed that hiring held up in December, keeping the Dow on track for its best week in more than six months.

The Dow Jones industrial average was up 16 points to 13,407 as of 1:22 p.m. EST Friday. It's up 3.6 percent for the week, putting it on track for its biggest weekly advance since June. The Standard & Poor's 500 index rose four points to 1,464 and is up 4.4 percent in the week, its biggest gain in more than a year. The Nasdaq was up less than a point at 3,101.

Stocks have surged this week after lawmakers passed a bill to avoid a combination of government spending cuts and tax increases that have come to be known as the "fiscal cliff." The law passed late Tuesday night averted that outcome, which could have pushed the economy back into recession. Continue reading "Markets head for big weekly gain after jobs report" →

Stocks fade after Fed discloses split on stimulus

Posted on by The INO.com Team

A two-day rally in the stock market came to an end Thursday afternoon when an account of the Federal Reserve's last meeting revealed a split between bank officials over how long the Fed should keep buying bonds to support the economy.
The Dow Jones industrial average and the Standard & Poor's 500 index treaded water for much of the day, then slid into the red around 2 p.m. Eastern, after the Fed released the minutes from its December meeting.

The Dow ended with a loss of 21.19 points at 13,391.36.

The S&P 500 lost 3.05 points to 1,459.37 and the Nasdaq composite fell 11.70 to 3,100.57.

At last month's meeting of the Federal Reserve's policy-making committee, the central bank pledged to buy $85 billion of Treasurys and mortgage-backed bonds and also keep a benchmark interest rate near zero until the unemployment rates drops below 6.5 percent. Continue reading "Stocks fade after Fed discloses split on stimulus" →

Stocks tread water as next fiscal showdown looms

Posted on by The INO.com Team

The stock market crept higher in midday trading Thursday, one day after the Dow Jones industrial average posted its biggest gain in more than a year.

Retailers reported mixed sales and the prospect of a new budget battle in Congress loomed.

The Standard & Poor's 500 index inched up one point to 1,463 and the Nasdaq composite rose four points to 3,116.

UnitedHealth Group held back the Dow, sinking $1.65 to $52.88, a 3 percent drop, after analysts at Deutsche Bank and other firms cut their ratings on the insurer's stock. The Dow was up just seven points to 13,419 as of 12:22 EST.

"It's natural to relax a bit after such a huge day as yesterday," said Lawrence Creatura, who manages a small-company fund at Federated Investors. Continue reading "Stocks tread water as next fiscal showdown looms" →

Stocks Close Sharply Higher, At Best Levels Of The Day Stocks

Posted on by The INO.com Team

After moving sharply higher at the start of trading on Wednesday, stocks continued to perform well throughout the session. The markets benefited from a positive reaction to news of a last-minute fiscal cliff agreement in Washington.

Most of the major sectors moved notably higher on the day, reflecting broad based buying interest on the heels of the fiscal cliff deal.

Semiconductor stocks posted particularly strong gains, driving the Philadelphia Semiconductor Index up by 4.1 percent. Standout gains by MEMC Electronic Materials (WFR) and Lam Research (LRCX) helped lift the index to its best closing level in over three months.

Considerable strength was also visible among steel stocks, which benefited from the elimination of some of the uncertainty about the outlook for the economy. The NYSE Arca Steel Index jumped 3.5 percent to an eight-month closing high. Continue reading "Stocks Close Sharply Higher, At Best Levels Of The Day Stocks" →