Another week has come and gone on
Wall Street, and like most of the prior five-day stretches thus far in 2013, it was a very productive one for the bulls, save for yesterday’s modest selloff. All told, the Dow Jones Industrial, the NASDAQ, and the broader S&P 500 Index finished 1.6%, 1.8%, and 2.0% higher, respectively, for the week. Along the way, the Dow 30 and the S&P 500 Index established all-time highs, as the bulls continued to have a tight grip on trading.
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The
stock market put in a somewhat choppy session today, before closing on a decidedly bullish note. To wit, after a weak opening, the averages managed to stage a healthy advance in the early afternoon, and then surrendered most of these gains, and finally staged a late-day comeback.
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Stocks resumed their advance today, after a brief pause yesterday when investors feared the Federal Reserve was hatching a plan to unwind its extraordinary monetary support. No such fears were to be found in the just-ended session, though. Not that there was a lot to get excited about, in terms of earnings or the economy. It was simply the kind of up day that often occurs during a bull market when cash comes in from the sidelines.
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The
major U.S. equity indexes brushed off a weak start—likely the result of some profit taking—and then once again proceeded on their merry way higher. In the end, the latest showing marked the fifth consecutive winning session on Wall Street. Unlike yesterday, today’s standout performers were the technology, financial, and basic materials stocks.
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It was another productive day for those long equities. Once again, the
Dow Jones Industrial Average and the S&P 500 established all-time highs. The
NASDAQ, though, was hit by some profit taking in the technology sector, which limited the advance for this tech-heavy index.
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The
U.S. equity market, fresh off of last week’s strong showing, in which the
Dow Jones Industrial Average and the broader
S&P 500 Index once again hit record highs, pressed forward again today, but this time at a more measured pace.
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