Stocks pushed higher in late trading Wednesday, with the S&P 500 on track for another record close. The S&P 500 index added five points, or 0.3%, to 1891, with eight of 10 sectors higher. On Tuesday, the S&P 500 rallied 0.7% to close at a record high of 1885.52, the seventh record so far this year. The Dow Jones Industrial Average advanced 33 points, or 0.2% to 16567, less than 0.1% shy of its Dec. 31 record high of 16576.66. The Dow rose 75 points, or 0.5%, on Tuesday to close at the highest level of 2014.
75 points gain in Dow JonesNasdaq Composite Index Rises 0.1%
The Nasdaq Composite Index edged up four points, or 0.1%, to 4272. Stocks rose on the heels of a pair of economic reports that gave investors more reason for optimism about U.S. growth. On Wednesday morning, a report on the labor market was nearly in line with forecasts, and factory orders were stronger than expected. Recent data have helped boost investor confidence that a string of disappointing reports on the U.S. economy earlier this year were the result of an unusually icy winter, rather than an underlying slowdown.
But the S&P 500′s latest advance into record territory has been a grinding one. The index is up 2.2% so far this year, a marked slowdown from last year when the index notched a 10% rise in the first quarter alone, and tacked on an additional 20% over the rest of the year. In corporate news, Apple edged up 0.1% after The Wall Street Journal reported that the company was in talks to buy Japan’s Renesas SP Drivers, which makes power-saving smartphone chips, for as much as $1 billion.
S&P 500 index is up 2.2% so far this year
Goldman Sachs edged up 0.7% after The Wall Street Journal reported it is close to selling a trading business based on the floor of the New York Stock Exchange, formerly known as Spear, Leeds & Kellogg, to Dutch firm IMC Financial Markets. The companies are discussing a price of as much as $30 million, the report said, which is a fraction of the $6.5 billion Goldman paid for the business in 2000. MannKind rose 75% after a Food and Drug Administration committee recommended approval of the company’s inhaled therapy for diabetes.
Data and News Courtesy : Morrison Securities
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