Dow Hits New Five-Year High
(NEW YORK) — Corporate earnings continue to drive the markets higher.
The Dow closed up 72 points at its highest level (13,954.42) since October 2007, a new five-year high. The index is now 1.5 percent, or 210 points, from its all-time high.
The S&P added just over seven points to close at 1,507.84. The Nasdaq, however, called it a day down a fraction of a point at 3,153.66.
Pfizier’s fourth-quarter earnings easily beat expectations. The drug maker’s profit more than quadrupled due to tighter spending and it selling its nutrition business. Ford’s numbers also beat expectations, but the company is expecting sales to drop in the coming months. Amazon’s earnings were slightly lower than expected.
Homebuilder stocks were up for the day after encouraging news on home prices. The latest Case-Shiller Home Price Index shows increases of 5.5 percent nationally last November from the year before. Prices are up almost 23 percent in Phoenix.
Wednesday morning’s GDP report from the government will likely impact markets. The report is expected to show anemic growth, the slowest since the first quarter of January 2011. A report in line with expectations may not move markets much, but a surprise may have an impact.
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