S&P 500 surges to new record after 13-month drought

By Doug G. Ware  |  July 11, 2016 at 7:03 PM
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NEW YORK, July 11 (UPI) -- A bevy of positive economic indicators helped push the S&P 500 into record territory on Monday for the first time in more than a year.

The index gained more than seven points Monday, almost 3 and-a-half percent, to finish at 2137.16 -- surpassing the previous record of 2130.82.

Monday was the first time in 13 months that the index notched a new record.

The S&P 500 began to rebound Friday following a better-than-expected jobs report from the U.S. Department of Labor that said 287,000 jobs were added in the month of June.

Another factor that has influenced the index in a positive fashion, analysts say, is the Federal Reserve's decision to exercise caution at its June meeting and leave interest rates alone for the time being. The Fed's cautious approach was detailed last week.

Continuing strength in U.S. economic signals in the aftermath of the United Kingdom's vote to exit the European Union last month has been another influential factor on Wall Street, experts add.

The S&P 500 has risen 16 percent since notching its low for 2016 in February.

Monday, the Dow Jones Industrial Average climbed 80 points to close at 18226.93 and the Nasdaq rose more than 30 points to finish at 4988.64.

S&P 500/Twitter
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