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July 13, 2007
Market hits new highs
Yesterday's market rally ended with the Dow Jones Industrial average and the NASDAQ composite at record highs.
The Dow Jones industrial average romped to a record 13,861.73 points, a gain of 283.86, or 2.1 percent, fueling speculation that Dow 14,000 is just a short jump away.
It was the biggest point gain since October 2002 and best percentage showing since October 2003.
Similarly, the Nasdaq composite index soared 49.94 to 2,701.73 and the S&P 500 index added 28.94 to 1,547.70.
Better-than-forecast June sales at Wal-Mart, J.C. Penney and Costco eased concern the housing slump and higher energy prices will cripple consumer spending, which accounts for more than two-thirds of the U.S. economy.
Posted by Tom Bowler at 06:48 AM | Permalink
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