US Markets Rallied; Dow Closes near Three-Year High
US stocks ended higher Friday to count weekly and monthly gains, as an advance in shares of blue-chip component Caterpillar on superior-than-anticipated earnings helped raise the Dow Jones Industrial Average to its highest closing level in almost three years.
Brian Greenberg, owner of wealth-management firm Brian Greenberg & Associates in Marlton, NJ commented that the Dow gave the royal wedding a token gift by ending to the upside. But credit should really go to Federal Reserve Chairman Ben Bernanke, as he promises to keep interest rates low eternally or at least for awhile.
He remarked in emailed note that Bernanke’s declaration that inflation is not a trouble will result in persistent stress on the dollar, which last we looked, has been a large positive for the stock market.
Out of the blue-chip index’s 30 components, 18 closed higher, led by Caterpillar Inc. (NYSE:CAT) after the heavy-equipment manufacturer’s first-quarter profit jumped to a record level, with robust global demand helping it overcome rising material costs and continued softness in the domestic construction industry.
Microsoft Corporation (NASDAQ:MSFT), fell almost 3%, was the Dow’s heaviest weight a day after the software company announced a decline in quarterly Windows revenues.
Keith Springer, president of Springer Financial Advisors in Sacramento, Calif, remarked that the US stock market was “still running on the sugar high” from Bernanke’s remarks Wednesday.
But he also indicated that although the Fed announced that there would be no new quantitative-easing program, principally to satisfy the inflation hawks, the continuation of low interest rates for an comprehensive period and the reinvestment of on hand bond profits is basically a QE mini, he added. That’s melody to the stock market’s ears.
Economic stats demonstrated consumer sentiment edging superior in April, personal income and spending growing in March and a measure of manufacturing in the Chicago area declining in April.
Advancers surpassed decliners by almost a 2 to 1 basis on the New York Stock Exchange, where more than 975 million shares changing hands at the end of the trading day.
The Dow Jones Industrial Average added +0.37% or +47.23 points to 12,810.54 however it showed a positive monthly performance of +531.53 points or +4.33% which sustained to remain up for a year with +1,606.26 points or +14.34% and YTD performance firmed at +1,240.83 points or +10.72%.
The S&P 500 Index gained +0.23% or +3.13 points to 1,363.61 however it showed a positive monthly performance of +44.17 points or +3.35% which was also positive for a year with +146.33 points or +12.02% and YTD performance firmed at +105.73 points or +8.41%.
The NASDAQ Composite Index advanced +0.04% or +1.01 points to 2,873.54 however it exhibited a positive monthly performance of +116.65 points or +4.23% which struggled to remain up for a year with +343.39 points or +13.57% and YTD performance firmed at +210.56 points or +7.91%.
Among the Highly Traded Stocks, MSFT, C, INTC and SPY recorded to be on top, Microsoft Corporation (NASDAQ:MSFT) traded overall volume of 319.32 million shares beating the average volume of 51.84 million shares.
Ancestry.com Inc (NASDAQ:ACOM) emerged as the Positive Momentum Stock with soared percentage change of +42.55% and closed the day at $45.70. It had traded above its 52 week high range and set it at $45.79. Other stocks that remained bullish are SPWRA, NTGR and WEBM.
Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) appeared as the Negative Momentum stock with slipped percentage change of -21.00% and closed the day at $51.04 however it had traded the volume of 8.27 million shares far more than its average volume of 1.37 million shares. Other stocks that remained bearish are HRZ, SKH and RPC.
As growth rejuvenated in the markets, primarily with optimum investors’ confidence, prominent business sectors settled emerald yesterday. With optimistic performance the services sector settled yesterday green by +0.08%.
The services oriented company, Crown Equity Holdings Inc CRWE manages its global presence and renders efficient services to a class of customers.
On Friday, backed up with an optimistic business, CRWE experienced significant growth in its share price by 106.67% and closed the day near $0.0310.
The quality services rendering company Crown Equity Holdings Inc is a key position holder in global business. The company, equipped with technological equipments, provides electronic media services being specialized in online publishing on its large network of Web sites, which bring together targeted audiences and advertisers that want to reach them.
The Berlin Stock Exchange placed in Berlin, Germany, has nearly over six thousand American stocks in listings, which normally is seen in exchanges like NASDAQ, NYSE, OTCBB and others. The Berlin Stock Exchange provides an optimistic way to the European market for both private and public companies. Companies that are already listed on one of the following exchanges: TSX, TSX Venture, NASDAQ, OTCB:OB can go for a dual listing and be trading in 2 to 3 weeks. CRWE experts are here to help you exploit this opportunity for a better future of your business.
At New York Mercantile, Gold prices advanced +18.00 points or +1.18% and the last trade recorded was at $1,556.40 an ounce.
Crude Oil prices at New York added +1.90 points or +1.69% and closed at $113.93 a barrel while its previous day trading range was $112.25 - $114.18.
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