Friday, May 23, 2014

Wall Street rose and the S & P rose to 1,900 points

Stocks on Wall Street rose on Friday ( Saturday morning ) driven positive reports on U.S. new home sales , sending the S & P 500 closed above 1,900 points for the first time .

The S & P 500 rose 8.04 points ( 0.42 percent ) to close at 1900.53 , more than three points, beating the record index closing at the beginning of this month .

The Dow Jones Industrial Average rose 63.19 points ( 0.38 percent ) to finish at 16,606.27 , while the tech -heavy Nasdaq composite index rose 31.47 points ( 0.76 percent) to 4185.81 .

Record closing the S & P 500 occurred after the U.S. Commerce Department report showed that sales of new single-family homes at an annual rate of 433,000 units in April , well above analysts' estimates of 415,000 units .

" It shows there is upward momentum in the market , " said Peter
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Cardillo , chief market economist at Rockwell Global Capital . " It's safe to say that the bull does have long legs . "

Trading volume has been low all week , a trend that continued on Friday as some investors on Wall Street leaving for vacation early ahead of the Memorial Day holiday on Monday when the market is closed .

Michael James , managing director of stock trading at Wedbush Securities, said few investors who are trying to save the equity shares of technology and other bermomentum compared to a few weeks ago .

" As there are few sellers in many stocks , it has been easier for them to move higher , " said James .

Most of the leading technology stocks performed well , including Apple rose 1.1 percent , up 1.4 percent Facebook and Google rose 1.4 percent . But in the losing column are down 3.2 percent and Twitter biotechnology company Gilead Sciences slumped 2.4 percent .

Hewlett - Packard jumped 6.1 percent after reporting fiscal second -quarter earnings that met expectations in the middle of the sales were slightly less good . The computer company also announced it will cut an additional 11000-16000 over 34,000 employees announced earlier .

Athletic shoe retailer Foot Locker rose 1.6 percent as earnings of 1.10 dollars per share in the first quarter , surpassing expectations by four cents . Sales of its stores jumped 7.6 percent from a year ago .

Cybersecurity company FireEye has the support of an increase in its stock ratings by Barclays , up 3.4 percent .

Bond prices rose . The yield on U.S. government 10 - year maturity fell to 2.54 percent from 2.56 percent on Thursday , while the 30 - year fell to 3.40 percent from 3.43 percent . Prices and bond yields move in opposite directions , AFP reported .


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