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S&P 500 closes at an all-time high

March 28, 2013 at 5:40 PM   |   Comments

NEW YORK, March 28 (UPI) -- U.S. stock indexes rose Thursday, with the Standard and Poor's 500 index reaching an all-time closing high.

The S&P 500 gained 6.43 points, or 0.41 percent, to 1,569.19, pushing past its record close of 1,565.15, a mark reached in Oct. 9, 2007.

The Dow Jones industrial average also jumped to a record close, a matter that has become routine over the past two weeks. The DJIA surpassed Tuesday's closing record of 14,559.65, by adding 52.38 points or 0.36 percent to 14,578.54.

The records have analysts wondering if stocks aren't over-valued. But they essentially erase the losses that markets have incurred since the financial meltdown of 2008.

On Thursday, investors kept an eye on developments in Cyprus, where banks opened after 12 days with restrictions on withdrawals to ensure account holders don't overrun the country's troubled banking institutions.

The Kansas City Federal Reserve bank said manufacturing in the district was in contraction, although the pace of contraction had slowed since February.

By close of trading, the tech-oriented Nasdaq composite index added 11 points, 0.34 percent, to 3,267.52.

On the New York Stock Exchange, 1,898 stocks advanced and 1,137 declined on a volume of 3.2 billion shares traded.

Ten-year U.S. treasury bonds fell 2/32 to yield 1.855 percent.

Against the dollar, the euro rose to $1.2818 from Wednesday's $1.2779. Against the yen, the dollar fell to 94.18 yen from 94.46 yen.

In Tokyo, the Nikkei 225 index shed 1.26 percent, 157.83 points, to 12,335.96.

In London, the FTSE 100 index added 0.38 percent, 24.18 points, to 6,411.74.

© 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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