Dow Jones industrial average posts 22nd high of the year

May 21, 2013 at 5:54 PM   |   Comments

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NEW YORK, May 21 (UPI) -- Investors took to heart speeches by two regional U.S. Federal Reserve presidents and sent the Dow Jones industrial average to its 22nd high of the year Tuesday.

Regional Fed Presidents James Bullard and William Dudley reassured investors the central bank isn't ready to abandon its bond purchasing program, which they described as very effective. On Wednesday, Fed Chairman Ben Bernanke is to testify before Congress and the minutes of the most-recent monetary policy committee meeting are to be released.

Investors also were cheered by Goldman Sachs Group's prediction the Standard & Poor's 500 would hit 1,750 by the end of the year.

The DJIA finished the day ahead 52.30 points or 0.34 percent at 15,387.58 -- the 19th consecutive winning Tuesday of the year. The broader S&P added 2.87 points or 0.17 percent to 1,669.16 and the tech-heavy Nasdaq gained 5.69 points or 0.16 percent to 3,502.12.

On the New York Stock Exchange, 1,687 issues advanced while 1,406 declined on total volume of 3.235 billion shares.

On foreign markets, Japan's Nikkei 225 rose 20.21 points or 0.13 percent to 15,381.02 while the Hong Kong's Hang Seng index fell 126.66 points or 0.54 percent to 13,366.37. In Europe, London's FTSE 100 rose 48.24 points or 0.71 percent to 6,803.87 and Germany's DAX rose 16.37 points or 0.19 percent to 8,472.20.

The 10-year treasury note gained 10/32 to yield 1.932 percent.

Crude oil lost 90 cents and dipped back down to $95.81 a barrel. Gold dropped $10.10 to $1,374 per troy ounce.

On currency markets, the euro rose to $1.2906 compared to $1.2882 Monday. Against the yen, the dollar rose to 102.54 yen from 102.26 Monday.

On the Chicago Board of Trade July corn fell 10 3/4 cents to $6.38 3/4, soybeans gained 12 1/2 cents to $47.77 and wheat fell 5 1/4 cents to $6.80.

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