facebook
twitter
rss
account
search
search
 

Dow and S&P 500 ride rally to record highs

By Ananth Baliga   |   May 12, 2014 at 5:47 PM   |   Comments

| License Photo
NEW YORK, May 12 (UPI) -- Stocks jumped onto a rally Monday as the Dow Industrial Average and S&P 500 both closed at all time highs, building on the highs set Friday.

The Dow ended 112 points up, a gain of 0.7% to a new high of 16,695.47. The Standard and Poor's index gained one percent, reaching 1,896.65, six points higher than it previous high of 1,890.90. The S&P 500 is inching closer to the major milestone of 1900 points.

The Nasdaq Composite also climbed 71.99 points to 4,143.86.

Internet and biotechnology stocks led the rally, after being highly volatile in the last few sessions. Both these sectors are considered momentum stocks because of the huge gains made by them in the last few months.

The markets seemed to be following European shares with London's FTSE 100 index, Germany's DAX and France's CAC 40 index also posting decent gains.

China's Shanghai Composite jumped 2.1% to 2,052.87 after the government announced that local governments will be allowed to issue bonds and to streamline the approval process for initial public stock offering.

India's Sensex index also rose 1.88 percent on the last day of voting in its general elections. Results will be announced May 16.

Follow @antbaliga and @UPI on Twitter.
Contact the Author
© 2014 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.
Most Popular
1
Destroyers with ballistic missile defense capability heading to Japan Destroyers with ballistic missile defense capability heading to Japan
2
Brazil, Argentina to strenghten aerospace cooperation; talk Gripen deal Brazil, Argentina to strenghten aerospace cooperation; talk Gripen deal
3
Maker of Camel cigarettes bans smoking in workplace Maker of Camel cigarettes bans smoking in workplace
4
Little girls drop F-bombs for feminism in new FCKH8 video Little girls drop F-bombs for feminism in new FCKH8 video
5
More U.S. funding targets solar energy research More U.S. funding targets solar energy research
Trending News
Around the Web
x
Feedback