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Entries in Dow (411)

Thursday
Mar072013

Dow Marks Third Straight Record Close

Hemera/Thinkstock(NEW YORK) -- Thursday marked the third consecutive record close for the Dow Jones Industrial Average. The blue-chip index climbed 33.25 points to another all-time high of 14,329 at the session's close.

The Nasdaq added 9.72 points, or 0.3 percent, to close at 3,232.09. The S&P 500 gained 2.80 points, or 0.2 percent, and closed at 1,544.26.
 
Fewer Americans are filing for unemployment benefits, according to the U.S. Labor Department. The number of first time claims dropped by 7,000 last week.  The less volatile four-week average hit its lowest number since March of 2008, just a few months into the recession. Millions of Americans are still struggling to get back to work, however, and the unemployment rate -- which doesn't count those who have given up looking -- remains 7.9 percent.
 
The February numbers come out on Friday.
 
Americans' net worth is returning to pre-recession levels, thanks to surging stocks and rebuilding home prices.  The Federal Reserve says household wealth amounted to $66.1 trillion at the end of 2012.  That was 98 percent of the pre-recession peak.
 
Copyright 2013 ABC News Radio

Wednesday
Mar062013

Another Record Close for Dow Jones Industrial Average

Hemera/Thinkstock(NEW YORK) -- The Dow Jones Industrial Average saw another historic close Wednesday, despite losing some steam.
 
The blue chips index still called it a session with an all-time high, up 42 points, or 0.3 percent, at 14,296.  The Nasdaq lost 1.77 points, or 0.1 percent, to close at 3,222.36. The S&P 500 picked up 1.67 points, or 0.1 percent, closing at 1,541.46.
 
It's still hard to find a job, but a new survey finds more places are hiring. Payroll processor ADP says businesses added 198,000 jobs last month.
 
A Federal Reserve survey shows the economy expanded in all parts of the country in the first two months of the year.  Ten of the Fed's 12 regions showed moderate growth, with slow growth only in the Boston and Chicago districts.  The housing market was stronger almost nationwide, and consumer spending was up, especially with auto sales.

Copyright 2013 ABC News Radio

Monday
Mar042013

Dow Inches Closer to Record High

Hemera/Thinkstock(NEW YORK) -- The Dow finished Monday a little closer to its record high after overcoming an early loss, caused by new steps from China to rein in its booming housing market.

The Dow Jones Industrial Average closed at 14,127.82. The index is now just 37 points shy of it's all-time high reached in October 2007.

The S&P 500 added seven points, or 0.5 percent, to close at 1,525.20. The Nasdaq Composite closed up 12.29 points, or 0.4 percent, at 3,182.03.
 
Shares of energy company Hess jumped 3.46 percent after the company said it would sell its retail business and focus on exploration and production.
 
Apple shares dropped 2.42 percent to their lowest level in a year.
 
Copyright 2013 ABC News Radio

Wednesday
Feb272013

Dow Inching Closer to All-Time High

Hemera/Thinkstock(NEW YORK) -- The Dow closed up 175.24 points Monday, bringing the index within 89 points, or less than one percent, from its all-time high set in October 2007. This is the closest the Dow has been to that high in more than five years.
 
Monday's close was also the Dow’s highest so far this year, at 14,075.37.
 
A set of decent economic news in the U.S. and Europe boosted markets. The Nasdaq Composite added 32.61 to close at 3,162.26.  The S&P finished the session at 1,515.99, adding 19.05 points.
 
The number of Americans who signed contracts to buy homes rose to the highest level since April 2010.  The increase points to more home sales in the coming months.
 
Orders for factory goods grew by the most in more than a year, suggesting companies are willing to invest some of their cash.
 
An Italian bond auction went better than expected, despite the political chaos there.
 
Finally, Ben Bernanke, in a second day of congressional testimony, reassured investors that the Fed will not abruptly end its stimulus.

Copyright 2013 ABC News Radio

Tuesday
Feb262013

US Markets Recover from Big Losses

Hemera/Thinkstock(NEW YORK) -- A jump in home sales and a boost in consumer confidence gave the markets a lift Tuesday.

The Dow closed up 116 points, or 0.8 percent, at 13,900.13. On Monday, the index lost 216 points, its biggest drop of the year so far. The Nasdaq added 13 points to finish at 3,129.65.  The S&P gained nine points, closing at 1,496.94.

Strong U.S. sales and increased business after superstorm Sandy helped Home Depot build a strong fourth-quarter earnings report that climbed 32 percent. The home improvement chain's stock led the Dow, gaining 5.7 percent Tuesday.

Bargain-priced homes are getting harder to find.  The latest Standard and Poors/Case-Shiller index finds prices in 20 cities are up an average of 6.8 percent.

Meanwhile, we're feeling better about the economy.  The Conference Board's latest Consumer Confidence Index stands at 69.6, up from 58.4 in January.

Copyright 2013 ABC News Radio

Monday
Feb252013

Gridlock in Italy Sends Stocks Tumbling

Hemera/Thinkstock(NEW YORK) -- U.S stock markets tumbled as Italians voted for what appears to be political gridlock.  Italy is a key member of the eurozone and political impasse there could reignite the European economic crisis.
 
As results of the Italian election began trickling out, the Dow turned negative, ending the day down 216 points, or 1.6 percent, at 13,784.17.  This is the Dow’s biggest drop so far this year.

The S&P closed at 1,487.85, down 28 points. The Nasdaq Composite was down 46 points at 3,116.25.
 
Italy is working its way through a deep recession and painful austerity measures.  In Monday’s elections Italians seemed to reject austerity, without giving any one party enough votes to form a government.
 
There are automatic budget cuts coming at the end of the week here in the U.S., which could add to the negative impact on markets in coming days.
 
Copyright 2013 ABC News Radio

Friday
Feb222013

Stocks End the Week Higher

Hemera/Thinkstock(NEW YORK) -- Stocks reversed a two-day decline Friday, thanks to stronger earnings reports.
 
The Dow closed up 120 points to end the week at 14,000.57. The Nasdaq Composite added 30 points, closing at 3,161.82. The S&P earned 13 points to finish at 1,515.60.
 
Home prices rose in January for the 15th month in a row. Real estate website Zillow says it was the largest year-over-year increase since 2006. Investors are snapping up lower priced properties and turning them into rentals.
 
Meanwhile, Boeing has given Congress a long-term proposal to fix the 787 Dreamliner's troubled batteries. It would require some testing and safety recertification of the lithium ion batteries, but wouldn't have the planes back in the air until at least April.
 
Copyright 2013 ABC News Radio

Thursday
Feb212013

US Stock Indices Decline Again

Hemera/Thinkstock(NEW YORK) -- Stocks slid again Thursday, despite an encouraging report on home sales, which rose from December to January.
 
The Dow closed down 47 points, or 0.3 percent, at 13,880.62. The Nadsaq gave up 33 points, or one percent, to close at 3,131.49. The S&P 500 lost 10 points, or 0.6 percent, and closed at 1,502.42.
 
Oil prices also declined for a second day, raising hopes it'll slow the spike in gas prices.  U.S. benchmark crude fell more than $2.00 to just under $93 a barrel.
 
Meanwhile, low prices mean big business for Walmart. The discount chain's fourth-quarter earnings rose almost eight percent, exceeding analysts' expectations.
 
Copyright 2013 ABC News Radio

Wednesday
Feb202013

Stocks Close Down After Fed Stimulus Debate

Hemera/Thinkstock(NEW YORK) -- The Federal Reserve is considering tempering its efforts to stimulate the economy, according to minutes of their meeting released Wednesday afternoon.

The Dow Jones Industrials had been trading down for much of the day but took a dive late in the afternoon after the Fed's release.  The index ended the day down 108 points at the close of New York trading, finishing at 13,927.54.

The Nasdaq Composite closed down 49.18 points at 3,164.41. The S&P 500 gave up 18.99 points to close at 1,511.65.

Fed members discussed whether to curb the stimulus, but made no decisions, according to Wednesday's meeting minutes. The Fed has said previously that it would not change course until there’s substantial improvement in unemployment.

The Fed’s moves have been supporting the stock and housing markets, while pushing down interest rates — allowing consumers to borrow cheaply.  Many Federal Reserve officials are concerned about the costs and risks of expanding its balance sheet, or what is referred to as printing money.

Concerns about what happens to the economy when the Federal Reserve winds down its stimulative efforts are not new, but many economists were surprised by the plain statements in Wednesday’s minutes.

Naysayers of Federal Reserve policy have long argued that the Fed’s measures have been artificially boosting the economy, leading to stronger closing bells.  More optimistic observers argue that the economy is recovering and may soon be able to thrive without the central bank’s support.

Copyright 2013 ABC News Radio

Tuesday
Feb192013

Stocks Advance to Five-Year Highs; Gas Prices Still Climbing

Steve Jones/ABC News Radio(NEW YORK) -- As Wall Street trading resumed after the three-day Presidents Day weekend, rumblings about several corporate deals that could be on the way sent the Dow and S&P stock indices up to new five-year highs.
 
The Dow, which closed up 53.91 points at 14,035.67, is now 128 points, or 1.0 percent, from its all-time high. The S&P closed at 1,530.94, up 11.15 points.  The Nasdaq Composite advanced 21.56 points, closing at 3,213.59.
 
Google stock closed above $800 for the first time Tuesday. The company's value has increased 35 percent since co-founder Larry Page took control in 2011.
 
Meanwhile, the weekly average price of a gallon of regular gas is $3.75, up 14 cents from a week earlier, according to the Department of Energy.  This price is also up 16 cents from a year ago.
 
AAA, which tracks daily gasoline prices, reports that this is now the 33rd straight day prices have gone up – the lengthiest run-up on prices since 2011.

Copyright 2012 ABC News Radio







ABC News Radio