New York: After a wave of good earnings report, the Standard and Poor’s 500 index closed above 1,500 for the first time in more than five years.
One of the broadest measures of the American stock market, S&P saw incremental gains; several stalled rallies and steep falls but finished at 1,502.96, up 8.14 points.
The S&P 500 index closed high for the first time in more than five years as strong earnings reports, including Procter & Gamble`s, helped the benchmark to extend its rally to eight days.
The index had not closed above 1,500 since December 2007, the start of the worst economic downturn since the 1930s.
The positive news came on top of hopeful signs that the US economy is slowly recovering. Although growing at a slow pace, employment is up again and housing is rebounding.
The breakthrough happened on an eighth straight daily gain for stocks, itself a remarkable performance. That is the longest winning streak since November 2004.
With Agency Input
First Published: Saturday, January 26, 2013, 09:43