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Daily Business News All Daily Business News
19 May 2013
US stocks blaze to new record highs

US stocks closed out another week of new record highs Friday as investors focused on the positive side of mixed economic news and corporate earnings.
Retail sales barely budged higher in April and jobless claims rose, but permits to build housing soared and consumer inflation remained tame, data showed.
A pair of better-than-expected reports Friday - on consumer confidence and the economic outlook - drove a rally that pushed the Dow and S&P 500 to end-of-the-week all-time highs for the third straight week.
Over the week, the Dow Jones Industrial Average gained 235.91 points (1.56 per cent) to finish at 15,354.40.
The tech-rich Nasdaq Composite Index increased 62.39 (1.82 per cent) to 3,498.97.
And the broad-based S&P 500 jumped 32.42 (1.98 per cent) to 1,666.12.
‘The bulls did their thing again this week, overcoming any concerns about the Fed tapering its asset purchases soon,’ Briefing.com analysts said.
Wall Street is closely watching economic data to gauge when the Federal Reserve will begin exiting its massive bond-buying program that is supporting growth.
Economic data continued to suggest weak growth, or ‘a half-speed recovery,’ said Standard & Poor’s chief investment officer Sam Stovall.
Friday’s data capped the week with a positive note. The University of Michigan’s index of consumer sentiment reading for May jumped to the highest level since July 2007.

Source :: New Age