Dow continues upward surge as good economic data rolls in
Growing investor enthusiasm for equities in the wake of this week’s records pushed US markets higher again Thursday.
The Dow Jones Industrial Average surged to an all-time peak for the third day in a row, adding 33.25 points (0.23 percent) at 14,329.49.
The broad-based S&P 500 also moved higher, gaining 2.80 points (0.18 percent) at 1,544.26, while the tech-rich Nasdaq Composite Index climbed 9.72 (0.30 percent) to 3,232.09.
In addition, markets were gaining from better-than-expected economic data, such as Thursday’s report on a weekly decline in jobless claims. The report boosted confidence that Friday’s much-watched US payroll and unemployment data would be strong.
This week’s record run for the Dow has attracted new investors, said Art Hogan, chief market analyst for Lazard Capital Markets.
“We’re getting new participation,” Hogan said. The record results were “dragging people in from the sidelines.”
Facebook picked up 4.1 percent. The social network unveiled a project to offer users a “personalized newspaper” based on individual taste.
Boeing gained 2.5 percent after booking new orders for 27 jets, bringing its 2013 net orders through March 5 to 138.
Time Warner shares added 2.4 percent after the group said it would spin off its iconic Time Inc. magazine group.
Computer company Dell retreated 0.7 percent after activist investor Carl Icahn became the latest large shareholder to protest founder Michael Dell’s plan to take the company private.
Truck maker Navistar surged 27.8 percent after it reported a narrowing of its quarterly loss and said it was promoting former General Motors executive Troy Clarke to be chief executive.
Gap rose 4.1 percent, lifted by the clothing chain’s report of higher same-store sales compared with a year ago.
Pet retailer PetSmart fell 6.6 percent after the company’s 2013 guidance missed analyst expectations.
Bond prices fell. The yield on the 10-year Treasury rose to 1.99 percent from 1.94 percent late Wednesday, while the yield on the 30-year increased to 3.20 percent from 3.15 percent. Bond prices and yields move inversely.