- Title: USA: Dow at record, ends up for 10th straight day
- Date: 14th March 2013
- Summary: NEW YORK CITY, NEW YORK, UNITED STATES (MARCH 14, 2013) (REUTERS) (SOUNDBITE) (English) HOWARD SILVERBLATT, SENIOR INDEX ANALYST, S&P DOW JONES INDICES, SAYING: "Its doing a little bit of consolidation. We've had a really nice run. Last year it was over 16 percent, 13.4 as far as stocks go and we've got a nine percent gain now and there are a lot of gains to go there. There are still some resisting points on there. The fact that we're able to hold where we are is positive news. Most expect that we'll go over, but again, the question is will there be a retrenchment and if so why and how much."
- Embargoed: 29th March 2013 12:00
- Keywords:
- Location: Usa
- Country: USA
- Topics: Economy
- Reuters ID: LVA46X871DFAP0U2Y2JOTR91ZJVF
- Story Text: Dow gains for 10th day, S&P 500 edges near record high.
The Dow Jones industrial average extended its recent winning streak to 10 days on Thursday (March 14), a string of gains last seen in late 1996, and ended at another record high as investors were encouraged by data showing the labor market's recovery was improving.
The Dow Jones industrial average gained 83.86 points, or 0.58 percent, to 14,539.14, a record closing high. The Standard & Poor's 500 Index rose 8.71 points, or 0.56 percent, to 1,563.23, just about 2 points from its record closing high set on Oct. 9, 2007. The Nasdaq Composite Index advanced 13.81 points, or 0.43 percent, to end at 3,258.93.
The 30-stock Dow Jones industrial average has been setting record highs since March 5.
U.S. equities have accelerated their rise without a major consolidation since the start of the year, driven by improvement in the economy and the Federal Reserve's continuation of its easy monetary policy.
Three months into the year, the Dow has shot up nearly 11 percent while the S&P 500 has gained 9.6 percent
Earlier Thursday, the Dow, which has only 30 stocks,- set another lifetime intraday high at 14,539.29.
Art Hogan, the chief market analyst at Lazard Capital Markets, said the streak may not last much longer.
"If you go back in history for the last 10 years we've only seen 7 days in a row happen exactly 8 times and we've only seen 9 days happen 5 times and you have to go back you know 16 years to find a 10 day run and oh by the way the record is 13 days so its hard for us to believe we have much more in terms of consecutive days in a row. but that being said we think the market continues to have more tailwinds than headwinds."
Data on Thursday offered fresh signs of strength in the U.S. labor market as the number of filings for new unemployment benefits fell for the third week in a row.
Ten of the Dow's 30 stocks hit at least 52-week highs, including Walt Disney Co. International Business Machines shares climbed to a lifetime intraday high of $215.85 (USD), and traded at the close at $215.80, up 1.8 percent.
The S&P 500 took a late-day run at its record closing high of 1,565.15, but ended just 2 points away.
Howard Silverblatt, a senior index analyst for S&P Dow Jones Indeces said he believes the S&P has "had a nice run" and is "doing a little bit of consolidation."
"There are still some resisting points on there. The fact that we're able to hold where we are is positive news. Most expect that we'll go over, but again, the question is will there be a retrenchment and if so why and how much."
Energy shares led the Dow and the S&P 500 higher, with the S&P energy sector index gaining 1.3 percent. Chevron was among the Dow's biggest percentage gainers, rising 1.4 percent to $120, after earlier hitting a fresh 52-week intraday high of $120.26.
Apple Inc shares rose 1 percent to $432.50. Its rival Samsung Electronics Co launched the latest Galaxy phone in New York on Thursday. - Copyright Holder: REUTERS
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