Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

S&P 500 ends at record closing high

share with twitter share with LinkedIn share with facebook
share via e-mail
0
03/28/2013 | 10:34pm CET

The S&P 500 set a record closing high on Thursday, finishing a fifth consecutive month of gains to extend a four-year rally.

The S&P had hovered near its record for more than two weeks, and market action next week will help determine if this is just another stepping stone for the rally, or if a long-expected pullback is in the offing.

The benchmark S&P 500 closed its strongest quarter in a year - up 10 percent. The Dow climbed 11.3 percent and the Nasdaq gained 8.2 percent for the first three months of the year.

The new closing high "is a very appropriate punctuation for a great quarter that saw a lot of last year's anxieties recede," said Bruce McCain, chief investment strategist at Key Private Bank in Cleveland.

"However, this could be the start to a more realistic look at the problems that still haven't gone away. Some degree of caution is probably still merited, with the problems in Cyprus probably only the beginning to what we could see in coming months."

The rally hit a wall in the last two weeks as the latest chapter in the euro-zone crisis developed, with Cyprus nearing a default and a possible exit from the euro bloc.

The S&P 500 had been in a fairly tight range, having traded within 10 points of the October 9, 2007, record closing high of 1,565.15 over the previous 13 sessions.

On Thursday, the S&P 500 <.SPX> gained 6.34 points, or 0.41 percent, to end at a new record of 1,569.19.

The Dow industrials, which surpassed its 2007 record on March 5 and has set a series of record highs since then, ended Thursday's session at yet another nominal closing high - at 14,578.54. For the day, the Dow rose 52.38 points, or 0.36 percent.

The Nasdaq Composite <.IXIC> added 11 points, or 0.34 percent, to close at 3,267.52.

The gains in the three first months of the year have a very bullish history. An analysis by Ryan Detrick, senior technical strategist at Schaeffer's Investment Research in Cincinnati, showed the S&P 500 has risen in the three first months of the year nine times in the past 30 years, and in each case, it has posted gains for the year.

The average yearly gain after such a start, the data showed, was 17.56 percent. An advance like that would leave the S&P 500 at about 1,676 at the end of this year.

"The key is the follow-through," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.

"It will be very important how the market handles next week's data."

Key manufacturing numbers are expected on Monday and factory orders Tuesday, building up to Friday's widely followed payrolls report.

During March, the Dow gained 3.7 percent, the S&P 500 rose 3.6 percent and the Nasdaq added 3.4 percent.

Thursday marked the end of the trading week. U.S. stock markets will be closed on Friday because of the Good Friday holiday.

Netflix (>> Netflix, Inc.) was the S&P 500's best-performing stock during the first quarter, up 104.4 percent at $189.28, followed by Best Buy (>> Best Buy Co., Inc.), up 86.9 percent at $22.15.

On the downside, Cliffs Natural Resources (>> Cliffs Natural Resources Inc) tumbled 50.7 percent in the first quarter to $19.01 and J.C. Penney (>> J.C. Penney Company, Inc.) lost 23.3 percent to $15.11.

Data showed the number of Americans filing new claims for unemployment benefits rose more than expected last week, but probably not enough to suggest a faltering in the labour market's recovery. Other data showed the economy expanded more in the fourth quarter than was previously estimated by the government.

Volume was lighter than average with some market participants absent for the observance of Passover or to get an early start on the long Easter weekend.

About 5.8 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, below the daily average so far this year of about 6.4 billion shares.

On the NYSE, advancers outnumbered decliners by a ratio of roughly 8 to 5. On the Nasdaq, 14 stocks rose for every 11 that fell.

(Reporting by Rodrigo Campos, Chuck Mikolajczak and Ryan Vlastelica; Editing by Jan Paschal)

By Rodrigo Campos

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news
Date Title
01:05a Frank Basirico Promoted; Becomes Company’s President and Chief Operating Officer
01:03a UK housing, hiring stay resilient despite Brexit vote - surveys
01:01a GHANA OIL : Rural voters unenthusiastic about voting
01:01a GO-Trust Launches the First ‘One Touch’ Login for Computers Connecting to Microsoft and Google Cloud Services
01:01a Daniel Yomtobian - and Advertise.com Lead the Market of Contextual Advertising
01:00a GHANA OIL : Voting has been peaceful in the flashpoint of Akwatia
12:59a Japan third-quarter GDP revised down to +0.3 percent quarter-on-quarter
12:56a DELTA AIR LINES : celebrates a decade of flying to Africa
12:56a Mondelez initiative to enhance capacity of cocoa farmers
12:56a BRAIT : Altron announces R400m investment and corporate shake-up
Latest news
Advertisement
Hot News 
-13.09%VERA BRADLEY : Shares Drop as Company Slashes Outlook
7.61%BLACKSTONE LP : Solvay to sell cigarette filter business Acetow to Blackstone
3.06%OFFICE DEPOT : Staples to sell controlling stake in European unit to Cerberus
14.22%SUNPOWER : CEO expects solar panel prices decline to stop next year
1.30%Britain clamps down on spread betting industry
Most Read News
06:22p MEDTRONIC : China says fines Medtronic local unit 118.5 million yuan for price fixing
06:51p Retailer Wal-Mart de Mexico to invest $1.3 billion in Mexico
06:20p Lululemon quarterly sales top expectations, shares jump
06:07p PUMA BIOTECHNOLOGY : Presents Interim Results of Phase II Trial of PB272 for ERBB2 (HER2) Mutant, HER2 Non-Amplified, Metastatic Breast Cancer at the 2016 San Antonio Breast Cancer Symposium
06:20p BLACKROCK : adjusts leadership team for its largest mutual fund
Most recommended articles
12/02 Platts considers first addition to Brent basket since 2007
11/30DJCash Crunch Looms Over India's Growth Spurt
06:51p Retailer Wal-Mart de Mexico to invest $1.3 billion in Mexico
06:47pDJRussia Sells Stake in Oil Giant Rosneft to Glencore, Qatar - Update
06:46p WALL STREET STOCK EXCHANGE : Wall Street surges to new highs; transports set record