News Column

S&P 500 Reaches New Record Intraday High In Early Trading

August 21, 2014

WASHINGTON (Alliance News) - With traders digesting a slew of largely upbeat US economic data, stocks have moved mostly higher in early trading on Thursday. The gains on the day have lifted the Dow back above 17,000, while the S&P 500 has reached a new record intraday high.

The strength on Wall Street comes on the heels of the release of several better than expected economic reports, including a report from the National Association of Realtors showing that existing home sales unexpectedly rose to their highest annual rate of the year in July.

NAR said existing home sales climbed to a seasonally adjusted annual rate of 5.15 million in July from a downwardly revised 5.03 million in June. Economists had expected existing home sales to drop to a rate of 5.00 million.

The Labor Department also reported a slightly bigger than expected drop in initial jobless claims in the week ended August 16th, while the Philadelphia Federal Reserve said its index of regional manufacturing activity unexpectedly reached a new three-year high in August.

Banking and telecom stocks are seeing some strength in early trading, although most of the major sectors are showing only modest moves.

Currently, the major averages are all in positive territory, although the Nasdaq is up only 1.75 points or less than 0.1% at 4,528.23. The Dow is up 73.51 points or 0.4% at 17,052.64, while the S&P 500 is up 5.73 points or 0.3% at 1,992.24.

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Source: Alliance News

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