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Dow Hits Another New High as Investors Digest Fed Remarks
3/20/2013 4:22:00 PM
By: Schaeffer's Investment Research
"The major markets were up early and maintained strong momentum
throughout the day," said Schaeffer's Senior Equity Analyst Joe
Bell as the
Dow Jones Industrial Average (DJI)
hit a new record high en route to a second straight winning day.
"Although we didn't get any certainty about the Cyprus situation,
that country's parliament rejected conditions of the proposed Euro
zone bailout. Most investors don't seem too worried about this
situation, as equities continue to churn higher."
The Dow Jones Industrial Average (DJI) blew off the doldrums from earlier this week to post its second straight win, hitting a new all-time high of 14,546.82 in mid-afternoon activity. The Dow gained nearly 56 points, or 0.4%, to finish at 14,511.73. The 30-member Dow saw 24 of its members advance, led by Cola-Cola ( KO ), which climbed 1.4%. The six decliners were paced for the second straight day by Caterpillar (CAT), which fell 1.5%.
The S&P 500 Index (SPX) also gained, picking up 10 points, or 0.7%, to close at 1,558.71. The Nasdaq Composite (COMP) finished at 3,254.19, up 25 points, or 0.8%.
The CBOE Market Volatility Index (VIX) dropped nearly 2 points, or 12%, to close at 12.67.
A Trader's Take :
"Homebuilding stocks continued their impressive rally," Bell noted. "Meanwhile, the Federal Reserve released its Federal Open Market Committee statement, suggesting it expects moderate economic growth, following a pause late last year."
3 Things to Know About Today's Market :
5 Stocks We Were Watching Today :
For a look at today's options movers and commodities activity, head to page 2.
Oil rose today, sparked by the news that the Federal Reserve expects "moderate" economic growth and an unexpected drop in supplies last week. Expiring April futures jumped 80 cents, or 0.9%, to $92.96 per barrel. The newly front-month May contract added 98 cents, or 1.1%, to close at $93.50 per barrel.
Gold, meanwhile, dropped for the first time in five sessions. April gold finished down $3.80, or 0.2%, at $1,607.50 an ounce ahead of Federal Reserve Chairman Ben Bernanke's scheduled remarks.
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