S&P 500 hits new high again; closes above 1,600
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S&P 500 hits new high again; closes above 1,600

Last Updated: Tuesday, May 07, 2013, 10:13
 
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S&P 500 hits new high again; closes above 1,600


Zee Media Bureau

New Delhi: The S&P 500 finished at yet another record high, closing above 1,600 as financial shares paved way after Bank of America's settlement with MBIA.

Also, Apple’s increase helped lift both S&P and the Nasdaq.

After settling claims with MBIA for 1.6 billion, Bank of America’s deal lifted shares of both companies as well as the S&P financial sector Index, which gained one percent.

MBIA shares jumped 45.4 percent to USD 14.29 and Bank of America shares rose 5.2 percent to USD 12.88.

Apple shares were also among the top gainers after Barclays raised its price target on the stock. Apple shares shot up 2.4 percent to USD 460.71, leading both the Nasdaq composite index and the benchmark S&P 500 higher.

The Dow Jones industrial average dipped 5.07 points, or 0.03 percent, to 14,968.89 at the close.




First Published: Tuesday, May 07, 2013, 08:51


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