NEW YORK, May 2, 2013 (AFP) – The S&P 500 reached a new all-time high Thursday, boosted by an expected European Central Bank interest rate cut and a surprisingly good US jobless claims report.
Just after the closing bell, the S&P 500 rose 14.89 (0.94 percent) to reach 1,597.59, narrowly above the previous record set Tuesday.
The Dow Jones Industrial Average gained 130.63 (0.89 percent) to 14,831.58.
The tech-rich Nasdaq Composite Index rose 41.49 (1.26 percent) to 3,340.62.
The gains were a reversal from Wednesday, when all three indices posted solid losses on weak US and Chinese economic data.
“Investors returned to the risk-trade after the ECB lowered its key interest rate in an effort to spur growth and pull the eurozone out of a recession,” said Wells Fargo in a market note.
“An improvement in the employment picture is also helping lift the market.”
(No Ratings Yet)