This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

US Futures Fall But US Data Tempers Decline

CHRISTINA REXRODE

NEW YORK (AP) â¿¿ Investors sent U.S. stocks barreling to their highest levels of the year Thursday, buoyed by slivers of encouraging news about jobs and housing. At least for a day, they overlooked the lack of clarity about Greece's marathon negotiation for a bailout.

The Dow Jones industrial average rose 123.13 points to close at 12,904.08, its third triple-digit gain this year. It was the highest close for the Dow since May 19, 2008, four months before the worst of the financial crisis.

As the Dow moved to within sight of 13,000, applause broke out at the closing bell on the floor of the New York Stock Exchange.

The Standard & Poor's 500 rose 14.81 points to 1,358.04, its highest close in nine and a half months. The Nasdaq composite, which has had an even stronger year than the Dow and S&P and is trading at its highest since 2000, rose 44.02 points to 2,959.85.

The rally was broad, with all but one of the 30 stocks in the Dow, Kraft Foods, closing higher. All 10 industry groups in the S&P were comfortably higher, led by materials stocks, including strong showings from DuPont and Dow Chemical.

General Motors was among the best-performing stocks of the day. Two years after it was almost wiped out, the company turned a record $7.6 billion profit last year, bigger even than when Americans couldn't stop buying trucks and SUVs.

Microsoft rose 4 percent, as did Bank of America, which tends to swing wildly with the market.

The Labor Department said weekly applications for unemployment benefits dropped for the fourth time in five weeks to the lowest point since March 2008. That was when the jobless rate was just 5.1 percent, far below the current rate of 8.3 percent.

Construction of single-family homes cooled slightly in January, but a rise in permits suggested builders were growing more confident that more buyers are ready to come off the sidelines.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs