S&P up over 1900 for first time
26 May 2014
US Stocks seem to be sluggish this year after they went on a roll in 2013.
The laboured upward movement was revealed by the S&P 500 index, which closed above 1,900 for the first time on Friday and was up 2.8 per cent for the year, AP reported.
The gains compared with a 16 per cent rise over the same period last year.
The S&P 500 was up 8.04 points, or 0.4 per cent, to close at 1,900.53. The index was up at a record 1,900 during trading on 13 May, but retreated to end below that level.
The Dow Jones industrial average rose 63.19 points, or 0.4 per cent, to close at 1,606.27, while the Nasdaq gained 31.47 points, or 0.8 per cent, to 4,185.81.
The S&P 500's record high came on a rally in housing stocks after better-than-expected home sales and an increase in Hewlett-Packard shares a day following the personal computer maker saying it would cut more jobs, Reuters reported.
Housing stocks moved up for a second day after data from the Commerce Department showed sales of new US single-family homes increased more than expected in April and the supply of houses on the market hit a 3-1/2 year high.
Another report on Friday showed existing home sales rebounded in April.
Shares of Lennar Corp, the second-largest US homebuilder in terms of revenue, increased 4 per cent to $40.54, while the stock of top US homebuilder DR Horton Inc rose 4.1 per cent to $23.57.
The Russell 2000 TOY index of small-cap shares gained 1.1 per cent, outperforming the broader S&P 500.
Among transportation stocks, about a quarter of the Dow Jones Transportation Average were up at fresh 52-week highs, which included three airlines - Delta, Southwest and Alaska Air - and two railroads - Norfolk Southern and Union Pacific.
Two stocks gained for every one that fell on the NYSE, while gainers outnumbered decliners by a ratio nearly 3 to 1 on the Nasdaq Stock Market.