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Stocks hold at record levels on Wall Street
NEW YORK (AP) — The stock market held at record levels Thursday as investors became harder to please.
The Dow Jones industrial average was up 19 points, or 0.1 percent, to 15,123 as of 2:20 p.m. EDT. The Standard & Poor’s 500 index was little changed at 1,633. The Nasdaq composite index, which is heavily weighted with technology stocks, was up one point at 3,414.
Even a decline in the number of Americans applying for unemployment benefits failed to give stock prices a big boost. Markets drifted lower in early trading, then ticked higher in the early afternoon.
Unemployment claims dropped to a five-year low last week, signaling fewer layoffs and possibly more hiring.
An improvement in hiring has been one of the factors helping to push stocks to record levels. The Dow climbed above 15,000 for the first time Tuesday and is on track to notch six straight months of gains. The Standard and Poor’s 500 index also closed at a record high Wednesday.
The bar for economic news and corporate earnings has risen as stock prices have marched higher, said JJ Kinahan, chief derivative strategist at TD Ameritrade. “You have to beat by a lot to really move the market higher.”
Rising corporate earnings, another support for the stock market, were also in focus on Thursday.
Tesla Motors soared $14.73, or 26 percent, to $70.34, after the electric car maker posted its first quarterly net profit since it was founded a decade ago.
Green Mountain Coffee Roasters surged $14.42, or 24.5 percent, to $74.06 after the company reported late Wednesday that its net income rose 42 percent. It also raised its earnings forecast for the full year.
Monster Beverage, the maker of energy drinks, fell $3.63, or 6.4 percent, to $53.31, after it reported net income that fell short of analysts’ estimates. The company’s profits fell 17 percent, despite stronger sales, because of unfavorable currency rates, legal expenses and costs tied to distribution agreements.
In addition, Barnes & Noble surged $2.89, or 16 percent, to $20.69 after TechCrunch reported that Microsoft was considering acquiring the book retailer’s digital book venture, Nook Media, for $1 billion.
Almost 90 percent of the companies in the S&P 500 index have reported earnings for the first quarter. Earnings are projected to rise 5 percent for the period and continue climbing throughout the year, according to S&P Capital IQ.
So far, markets have defied expectations for a slowdown heading into the summer.
The Standard & Poor’s 500 index has started the second quarter well, gaining 1.9 percent so far in the period. But the index has declined in the second quarter in each of the past three years. Stocks slumped as Europe’s debt crisis intensified last year, and in 2011 they dipped as wrangling in Washington pushed the U.S. to the brink of default.
“The market has had a phenomenal run,” said Ron Florance, managing director of investment strategy at Wells Fargo Private Bank. “We’ll have to see how the second quarter plays out.”
In government bond trading, the yield on the 10-year note continued to edge higher, climbing to 1.81 percent from 1.77 percent on Wednesday. The yield, which moves inversely to the bond’s price, has risen from 1.63 early Friday before a surprisingly strong employment report.
The price of crude oil fell 59 cents, or 0.6 percent, to $96.09, and gold fell $10.90, or 0.7 percent, to $1,463.40.
The dollar rose against the euro and the yen. The U.S. currency traded above the 100-yen level for the first time in more than four years.
By Donald Lambro
Growth spikes are little more than trend-free anomalies
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