YEREVAN, March 6./ARKA/. The Dow Jones Industrial Average soared to a record closing high, breaking through levels last seen in 2007, RTÉ news reported yesterday.
Signs of a strengthening US economy, continued support from the Federal Reserve, and fairly attractive valuations compared to other assets have boosted the Dow by almost 9% so far this year.
The Dow Jones Industrial Average shot up 125.95 points, or 0.89%, to 14,253.77 at the close.
The Standard & Poor’s 500 Index gained 14.59 points, or 0.96%, to 1,539.79.
The Nasdaq Composite Index climbed 42.10 points, or 1.32%, to 3,224.13.
A strong reading in the US services sector, which accounts for the bulk of economic activity, was the latest indicator of improving demand.
Gains came across the board, with 10 of the Dow’s 30 component stocks reaching new 52-week highs on a day when 456 securities hit new yearly highs on the New York Stock Exchange.
The Dow Jones Transportation Average also closed at a new high after rising 1.5%.
About 71% of the NYSE stocks closed higher while 67% of Nasdaq-listed shares ended in positive territory.
About 6.41 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, slightly below the daily average so far this year of about 6.48 billion shares.
The blue-chip Dow’s forward 12-month price-to-earnings ratio was at 15.87, compared with 16.99 during the 2007 highs, according to Thomson Reuters Datastream.
The S&P 500’s price-to-earnings ratio was at 13.5.
Outside the Dow, Google continued its gains with the stock rising 2.1% to close at $838.60, an all-time high for the internet giant.
Google is the highest-priced stock in the S&P 500.
The Dow has been in existence for more than a century.—0-
