NEW YORK: The blue-chip Dow Jones Industrial Average Tuesday closed above 15,000 for the first time as investor optimism about the US economy bolstered equities like Caterpillar.
The Dow jumped 87.31 (0.58 percent) to finish at 15,056.20, only two days after it first crossed the 15,000 threshold in intraday trade.
The broad-based S&P 500 added 8.46 (0.52 percent) at 1,625.96, its fourth consecutive all-time closing high.
The tech-rich Nasdaq Composite rose 3.66 (0.11 percent) to 3,396.63.
"We are continuing to see somewhat of a rotation into more of the cyclical names over the last week," said David Levy of Kenjol Capital Management, who cited Caterpillar as an example.
Dow member Caterpillar, which sells construction equipment and other industrial materials, rose 2.5 percent.
The Dow's landmark close was the latest in a string of recent stock market records fueled by heavy liquidity from central banks and some better US economic data.
Analysts said the rally also found support in the Australian central bank's surprise quarter-point interest rate to a record low 2.75 percent and a jump in German factory orders.
JPMorgan Chase gained 2.0 percent after shareholder advisory firm Glass Lewis endorsed a shareholder proposal to split the chairman and chief executive roles.
Health care company Baxter International lost 2.5 percent after announcing the failure of a clinical study on its treatment to reduce cognitive decline in people with Alzheimer's disease.
DirecTV rose 6.9 percent after reporting earnings that bested analyst forecasts by 35 cents per share and higher-than-expected revenues.
Petroleum company EOG Resources barreled 7.7 percent higher after announcing 36 percent year-over-year oil production growth. EOG, a major player in the shale boom, expects to post "peer-group leading" crude output growth rates over 2013-2017.
First Solar dropped 8.9 percent after reporting earnings that were six cents shy of expectations, excluding charges.
Bond prices fell. The yield on the 10-year US Treasury rose to 1.78 percent from 1.77 percent late Monday, while the yield on the 30-year rose to 3.00 percent from 2.99 percent. Bond prices move inversely to yields.
<Center><b><i>Copyright AFP (Agence France-Presse), 2013</b></i></center>
Comments
Comments are closed.