The Dow Jones Industrial Average closed trading on March 14, 2013, with a gain of 83.86 points or 0.58%, resulting to 14,539. This record high extends the Dow’s series of gains that were last seen in late 1996. In addition, its March 5, 2013 results surpassed its closing peak in October 2007.
This development comes as investors were encouraged by signs that the U.S. labour market is gaining strength as filings for new unemployment benefits dropped for three weeks now.
The Dow Jones Industrial Average closed trading on March 14, 2013, with a gain of 83.86 points or 0.58%, resulting to 14,539. This record high extends the Dow’s series of gains that were last seen in late 1996. In addition, its March 5, 2013 results surpassed its closing peak in October 2007.
This development comes as investors were encouraged by signs that the U.S. labour market is gaining strength as filings for new unemployment benefits dropped for three weeks now.
The Dow is an index of 30 large publicly owned companies based in the U.S. Notably, ten of its stock shares recorded 52-week highs. They are Walt Disney and International Business Machines whose shares rose to a 1.8% or $215.80.
The biggest gainer was Chevron with 1.4% to $120.20. Apple Inc. shares rose 1% to $432 despite Samsung’s launch of its new Galaxy series. Trading of Ebay’s shares climbed 1.6% to $51.80 after Evercore Partners raised its rating on the company to “overweight”.
In contrast, Amazon’s shares dropped 3.4% to $265.74 after JPMorgan downgraded its rating on the stock to neutral. Discount brokerage E*Trade’s shares fell 8.2% to $10.85 after Citadel LLC announced it will sell its entire stake in the company.
In connection, the S&P 500 closed trading on March 14, 2013, with 1,563, which is two points away from its 1,565.15 closing high on October 9, 2007. The S&P 500 is an index of top 500 companies publicly trading in the U.S. based on criteria set by the ratings company.
Another U.S. stock market indicator, The Nasdaq Composite Index gained 13.81 points, closing at 3,258.93. Notably, the New York Stock Exchange and the Nasdaq recorded a ratio of 2:1 with advancers outnumbering decliners in terms of stock performance.
In all, the Dow has advanced to about 11% while S&P 500 rose to 9.6%. The acceleration of the U.S. equities resulted from the country’s improved economy and the Federal Reserve’s easy monetary policy.
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