Stocks Advance to Five-Year Highs; Gas Prices Still Climbing
(NEW YORK) -- As Wall Street trading resumed after the three-day Presidents Day weekend, rumblings about several corporate deals that could be on the way sent the Dow and S&P stock indices up to new five-year highs.
The Dow, which closed up 53.91 points at 14,035.67, is now 128 points, or 1.0 percent, from its all-time high. The S&P closed at 1,530.94, up 11.15 points. The Nasdaq Composite advanced 21.56 points, closing at 3,213.59.
Google stock closed above $800 for the first time Tuesday. The company's value has increased 35 percent since co-founder Larry Page took control in 2011.
Meanwhile, the weekly average price of a gallon of regular gas is $3.75, up 14 cents from a week earlier, according to the Department of Energy. This price is also up 16 cents from a year ago.
AAA, which tracks daily gasoline prices, reports that this is now the 33rd straight day prices have gone up – the lengthiest run-up on prices since 2011.
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