Today 9:55 AM ET (Dow Jones)
By Tomi Kilgore and Dan Strumpf U.S. stocks opened broadly higher Monday, with the Dow Jones Industrial Average notching another record and shares of smaller companies recovering some of their recent losses.
The Dow Jones Industrial Average recently rose 104 points, or 0.6%, to a fresh intraday record of 16687. On Friday the blue-chip index closed 32 points higher to finish at its second record high of 2014.
The S&P 500 gained 13 points, or 0.7%, to 1891, clearing its all-time closing high of 1890.90 reached in early April. The Nasdaq Composite Index climbed 43 points, or 1.1%, to 4115.
Shares of smaller companies continued to bounce back from their recent declines. The Russell 2000 index of small-cap stocks tacked on 10 points, or 0.9%, to 1107. The index is down 4.9% this year and 8.4% from its record high reached in early March.
With no major economic data scheduled for Monday, investors were looking ahead to data on retail sales, wholesale and retail inflation, industrial production, consumer sentiment and on the housing market later this week.
A combination of better-than-expected quarterly earnings and improving economic data should pave the way for further gains in stocks in the near term, said Jim Paulsen, chief investment strategist at Wells Capital Management, which oversees $357 billion.
"By and large the data's been pretty good on the U.S. economy," Mr. Paulsen said. "There's a lot of momentum here. We were put off by the weather but as that starts to dissipate, you're starting to see [improvement] coming back through."
U.S. stock futures rose, with technology stocks poised to extend their bounce and blue chips on course for another record.
European markets were broadly higher as investors shrugged off this weekend's secession referendum in Ukraine.
Write to Tomi Kilgore at tomi.kilgore@wsj.com and Dan Strumpf at daniel.strumpf@wsj.com
(END) Dow Jones Newswires
May 12, 2014 09:55 ET (13:55 GMT)
Copyright (c) 2014 Dow Jones & Company, Inc.
No comments:
Post a Comment