Dow Closes At All-Time High – Acadiana Business Index
- The Dow closed at an all-time high as it rallied 125 points to 14253. The S&P 500 Index touched a 5 ½ year high as it gained 14 points to 1539. The NASDAQ finished at its highest closing level since November 2000 as it advanced 42 points to 3224.
- Economic data lifted stocks higher. The ISM’s non-manufacturing index expanded for the 36th consecutive month in February.
- In Europe, euro zone leaders cut a bailout deal for Cyprus and the region’s services output shrank less than initially estimated in February while retail sales rose the most since 2010.
- Reduced fears surrounding China added to the upside after its government pledged to increase spending to support economic growth.
- On our shores, the sequester was on the back burner with House Republicans expected to introduce a bill to extend government funding through September.
- Overall, all sectors gained ground. Technology paced the advance as Apple bounced higher by 2.4% to $430.16. Industrial and telecommunication shares were also notable performers with General Electric up 1.3% to $23.57 and Verizon gained 1.1% to $47.64.
- NYSE Composite volume totaled over 3.5 billion shares. The NYSE was 3-1 positive on issues and 4-1 positive on volume. On the NASDAQ, advancers beat decliners by 2-1 on issues and by 3-1 on volume.
- In fixed-income, Treasury prices fell for a second session. The 10-year note was down 5/32 to yield 1.89% and the 30-year bond was lower by 10/32 to yield 3.10%.
For the complete report, click Ken's Market Report.