| Dow and S&P 500 Soar to New 5-Year Highs |
| Jan-25-2013 |
| Keywords: stocks, 1500, five year high, apple, netflix |
Earnings helped to drive stocks on Wall Street to fresh five-year highs.
The Dow Jones Industrial Average up 71 points on the day. The Nasdaq Composite gained 19 points. The S&P 500 finished up 8, closing above 1500 for the first time since late 2007.
All three major stock indexes ended higher for a fourth straight week. The Dow logged a 3% gain. The S&P rose 1.1%, while the Nasdaq edged a 0.5% higher.
The blue chip index is up 6% year to date, putting the Dow on track to post its best January performance in more than two decades.
Procter & Gamble led the charge on the blue chip index. P&G jumped 4% on its better than expected quarterly report.
Microsoft's stock finished up 0.9% despite posting weaker than expected revenues of $21.46 billion.
The Nasdaq managed to finish in positive territory despite another decline in its single largest component, Apple. Apple's stock fell 2.3% on the day, compounding yesterday's more than 12% selloff ignited by the company's weaker than expected quarterly sales.
Apple surrendered its title as the world's most valuable publicly traded company to ExxonMobil, now sitting on top of the mountain with a market cap of $418 billion. Apple has lost $246 billion in market capitalization since peaking at $705 a share in September of last year.
Meanwhile the good times just keep on rolling over at Netflix. The shares of Netflix today rose another 15.5%, bringing its two-day rally to more than 64% since surprising the market with a surprise quarterly profit of 13 cents a share.
In economic news, sales of new single-family homes fell 7.3% in December to an annual rate of 369,000 units. The market took the news in stride after digging into the report beyond the headline figures. New home sales in December rose 8.8% compared the same month in 2011, while the median sales prices jumped 13.9%. |
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Posted by Lou Dobbs Staff at 9:00 AM Email to a friend |
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