Dow rises for 10th day, S&P eyes record
New York, March 15, 2013
Wall Street opened higher on Thursday and the Dow extended its recent winning streak to 10 days in early trading after data showed the labor market recovery was gaining traction.
The broader S&P 500 was also closing in on its all-time high, in the wake of new record levels for the Dow. The S&P is roughly 5 points away from its closing peak of 1,565.15.
A 10-day run of advances for the Dow would match a string of gains last seen in late 1996. US equities have accelerated since the start of the year, boosted by improvement in the economy and continued easy monetary policy from the Federal Reserve.
"You don't string together more than eight or nine days very often," said Jack De Gan, chief investment officer at Harbor Advisory Corp in Portsmouth, New Hampshire.
"We're pretty clearly going to get a correction here soon, but I don't think it'll be much. It could be precipitated by almost anything."
Data on Thursday offered fresh signs of strength in the labor market as the number of filings for new unemployment benefits unexpectedly fell in the latest week, following declines in the previous two weeks.
A separate report showed US producer prices rose in February by the most in five months as gasoline prices spiked. There was, however, little sign of a broader increase in inflation pressures that could force the Fed to tighten monetary policy.
The Dow Jones industrial average gained 57.25 points, or 0.40 percent, to 14,512.53. The Standard & Poor's 500 Index added 5.79 points, or 0.37 percent, to 1,560.31. The Nasdaq Composite Index rose 12.23 points, or 0.38 percent, to 3,257.35. - Reuters