Sat07262014

Business & Real Estate

S&P 500 sets another closing record

The S&P 500 index scored its third record-high closing in four market days Thursday, reaching 1,920.03. The Dow Jones industrial average closed at 16,698.68. Sell in May and go away? Not this year.

As the market advances, investors’ money is not in doubt. The question is whether investors’ enthusiasm has declined amid the up-and-down market volatility. New claims for unemployment benefits fell more than expected and provided another incentive to purchase U.S. stocks.

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Investors happy with recent Fed moves

Not much was said after the Federal Reserve held its monthly meeting May 21, but investors were pleased. They rallied to boost the Dow Jones industrial average more than 1 percent, the Nasdaq approximately 0.9 percent and the S&P 500 an estimated 0.8 percent. This type of activity before the three-day Memorial Day holiday is very positive, particularly given that investors are still concerned about a correction.

What pleased investors is that the Fed minutes didn’t address when the Fed will begin raising rates and gave no indication of the future of its monthly asset buying. The bond-buying stimulus program will likely be phased out by the end of the year.

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