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Market skid turns around in late trading

March 4, 2013 at 5:27 PM   |   Comments

NEW YORK, March 4 (UPI) -- U.S. stock indexes turned higher Monday as investors put on the brakes, stopping an early slide to put the Dow index within reach of its record close.

The Dow Jones industrial average added 38.16 points or 0.27 percent to 14,127.82, its second highest close ever and about 37 points shy of the record set in October 2007.

The Dow was led by retailers Walmart Stores, where shares rose 2.12 percent, and Home Depot, where shares gained 1.83 percent. Pharmaceutical firm Merck & Co. shares rose 1.67 percent. Intel, IBM and Pfizer shares all rose more than 1 percent.

By close of trading, the Standard and Poor's 500 added 7 points or 0.46 percent to 1,525.20.

The Nasdaq composite gained 12.29 points or 0.39 percent to 3,182.03.

On the New York Stock Exchange, 1,688 stocks advanced and 1,341 declined on a volume of 3.3 billion shares traded.

The 10-year U.S. treasury note fell 10/32 to yield 1.881 percent.

Against the dollar the euro was higher at $1.3022 from Friday's $1.3014. Against the yen, the dollar was down to 93.50 yen from 93.64 yen.

In Tokyo, the Nikkei 225 rose 0.4 percent on a gain of 45.91 points, to 11,652.29.

In London, the FTSE 100 index shed 0.52 percent, 32.97 points, to 6,345.63.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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