Stocks Rally Higher; S&P Finishes Above 1,500
(NEW YORK) — The Dow ended the day up another 71 points, holding on to its highest closing level since October 2007. The index is now less than 300 points, or 2 percent, from its all-time high.
The S&P, a larger stock index, ended the day above 1,500 for the first time since December 2007. This index is now in the midst of its longest winning streak since 2004.
Good corporate earnings, positive signs about the U.S. economy, hopes of easing gridlock in Washington and an absence of awful news from Europe seem to be fueling this rally.
Apple stock, however, still managed to suffer after those disappointing earnings. The stock lost its spot as the most valuable publicly traded company to Exxon, the two companies have been battling for the top spot since the summer of 2011, but Apple had been holding on to the top spot for the past year.
The iPhone maker’s latest quarterly earnings report showed flat sales and predicted slow growth. That has analysts wondering if Apple can keep growing just by releasing new versions of existing products.
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