News Column

Market Rally Still Flying High

May 8, 2013
bull market

U.S. stock markets closed higher Wednesday, as records set on Wall Street continue to get broken and reset, lately on a daily basis.

The Standard & Poor's 500 closed at its fifth consecutive best ever closing high, as the index gained 6.73 points or 0.41 percent to reach 1,632.69.

The Dow Jones industrial average added 48.92 points or 0.32 to 15,105.12, the second time in history it closed above 15,000, a milestone it reached Tuesday.

The Nasdaq composite index, jumped 0.49 percent, adding 16.64 points to 3,413.27.

On the New York Stock Exchange, 2,037 stocks advanced and 1,048 declined on a volume of 3.5 billion shares traded.

For the second consecutive day, there were no major economic reports to encourage investors or to derail a rally into its sixth month.

Among positive news, the Federal Home Loan Mortgage Corp., known as Freddie Mac, said it earned a profit of $4.6 billion in the first quarter due to a rebound in the housing market.

The second-largest ever profit from the bailed out firm indicates how broad the shoulders of the recovery might be. Although it has not hit financial targets that would allow Freddie Mac to write up assets that soured when the market collapsed, a rebounding housing market means household wealth is on the mend. Indicative of that, the U.S. Federal Reserve said Tuesday that consumer loans rose 5 3/4 percent in the first quarter of the year.

The 10-year treasury note rose d 4/32 to yield 1.77 percent.

The U.S. dollar held even at 99 yen. The euro rose to $1.3158 from Tuesday's $1.3079.

In Japan, the Nikkei 225 index added 0.74 percent or 105.45 points. In Britain, the FTSE 100 index gained 0.4 percent, 26.18 points to 6,583.48.

Gold was up, adding $24.10 to $1,472.90 per troy ounce.

West Texas Intermediate crude oil gained 93 cents $96.55 per barrel.

On the Chicago Board of Trade, corn for July delivery lost 7 cents to $6.33 per bushel. Soybeans for July gained 7 3/4 cents to $13.90. Wheat for July lot 3 1/4 cents to $7.05 3/4.




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Source: Copyright UPI 2013


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