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S&P 500 cruises to new record

AFP

A trader works on the floor of the New York Stock Exchange on August 13, 2014 in New York CityA trader works on the floor of the New York Stock Exchange on August 13, 2014 in New York City

A trader works on the floor of the New York Stock Exchange on August 13, 2014 in New York CityA trader works on the floor of the New York Stock Exchange on August 13, 2014 in New York City

The S&P 500 set a new record Thursday as US stocks powered higher, shrugging off geopolitical problems elsewhere and gaining from fresh signs of strength in the US economy.

The S&P added 5.86 points (0.29 percent) to hit 1,992.37, four points above the previous record on July 24.

The Dow Jones Industrial Average gained 60.36 (0.36 percent) to 17,039.49, while the Nasdaq Composite rose 5.62 (0.12 percent) to 4,532.10.

The new high put the broad-based S&P 500 up 7.8 percent for the year. The Nasdaq reached its best level in 14 years, meanwhile, and was 8.5 percent above where it began the year.

Buyers were not bothered by more signs of weakness in the European and Chinese economies.

And they took encouragement from positive data on the US economy: existing-home sales picked up pace in July; new claims for unemployment insurance were down, and the Conference Board's index of leading economic indicators improved sharply.

Date created : 2014-08-21