Jump to navigation

Free Newsletter Modern Trader Follow

Main menu

  • Futures
    • Modern Trader Magazine
    • Commodities
    • Futures Mag Archives
    • ETFs
    • Financials
    • Forex
    • Managed Funds
    • Market Analysis
    • News
    • Options
    • Regulation
    • Technology
    • Trading Strategies
    • Education
    • Futures Op-Ed
  • Favorites
    • Alpha Pages Most Popular
    • Futures Magazine
    • Modern Trader Magazine
    • Most Popular
    • Slideshows & Lists
    • Special Topics
      • Alpha Hunters
      • Bad Boys
      • FINtech
      • High-Frequency Trading
      • Trader's Life
      • Trading Strategies
      • FUTURES MAG's 500th ISSUE
      • We asked traders
  • Traders
    • Market Data
    • Hot Charts
    • Interactive Charts
    • Trading Calendar
  • FINalternatives
  • Hard Assets
    • Home
    • Base Metals
    • Precious Metals
    • Rare Earth Metals
    • Commodities
    • Mining Investments
    • Slideshows
  • Modern Trader
    • Subscribe
    • Past Issues
  • All +
    • Follow Us +
      • FuturesMag
      • Newsletters
      • Facebook
      • Google+
      • Linkedin
      • Twitter
      • RSS Feeds
    • About Us +
      • About
      • Advertise
      • Contact
      • Contribute
      • Privacy Policy
  • !
Follow Futures          
       
more >>

We Asked Traders

We asked traders for their opinion on the launch of bitcoin futures

Sponsored Content

Trading

Equities.com launches unlimited trading via Tradier Brokerage, Transforming into a news & fintech portal

Featured Topics

more Commodities>>

Commodities

Energy demand steps back in play
Advertisement
more Volatility>>

Volatility

Volatility & opportunity in the energy sector
more Financials>>

Financials

Daily Price Action: E-mini S&P 500
more Options>>

Options

Trading Vertical Option Spreads

Advertisement

S&P 500 rises above record closing level on GDP, Europe optimism

By Sarah Pringle and Whitney Kisling, Bloomberg

March 28, 2013 • Reprints

The Standard & Poor’s 500 Index rose above its record closing level, wiping out losses from the financial crisis, as economic growth slowed less than previously estimated and concern about Europe’s debt crisis eased.

McDonald’s Corp. and International Business Machines Corp. jumped at least 0.6% to pace advances among the biggest companies. GameStop Corp. rallied 4.9% after quarterly profit topped estimates. Deckers Outdoor Corp. increased 6.4% after Jefferies Group Inc. raised its price target. BlackBerry climbed 2.2% after reporting fourth-quarter results. Banks retreated, as Bank of America Corp. and Morgan Stanley lost at least 0.7%.

The S&P 500 increased 0.3% to 1,567.23 at 2:42 p.m. in New York, above its all-time closing high of 1,565.15 from Oct. 9, 2007. The Dow Jones Industrial Average climbed 34.51 points, or 0.2%, to 14,560.67. Trading in S&P 500 shares was 22% below the 30-day average at this time of day. U.S. markets will be closed tomorrow for a holiday.

“It’s about time,” said Robert Lutts, the president and chief investment officer at Cabot Money Management Inc., which oversees $500 million in Salem, Massachusetts. “We’ve gone through two bear markets in the last decade and equity investors have been really challenged in their conviction to hold through that period of time, but I think that we’re at the beginning of a very strong phase for equities, not at the end.”

The S&P 500’s advance above its record close marks a recovery from a bear market that wiped out more than $10 trillion of value from the world’s largest stock market. The gauge is up 9.9% for the quarter, its best performance in a year. It still remains below an all-time intraday high of 1,576.09. The Dow first surpassed its 2007 high on March 5.

Profits Expand

Shares of American companies are rallying as their profits expand for a third straight year and the Federal Reserve commits to continuing its unprecedented monetary stimulus. Reports this week showing a 5.7% jump in durable goods orders and the biggest increase since 2006 for the S&P/Case-Shiller index of home prices in 20 cities were among the latest data points to fuel optimism in the economy.

Gains today came as gross domestic product rose at a 0.4% annual rate in the last three months of 2012, up from a 0.1% prior estimate and following a 3.1% pace in the third quarter, revised Commerce Department figures showed today. The reopening of banks in Cyprus after being closed since March 16 eased concern about Europe’s debt crisis. German retail sales, adjusted for inflation and seasonal swings, gained 0.4% last month from January.

Page 1 of 3
>>next >

About the Author

Copyright 2014 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Related Articles
Daily Price Action: E-mini S&P 500
Daily Price Action: E-mini S&P 500
Daily Price Action: E-mini S&P 500
Daily Price Action: E-mini S&P 500
GBP/USD drops as weak CPI reduces BoE May rate rise odds
Previous
Gold declines in worst run since 2001 as economic concerns ease
Next
CFTC passes exemptions for some electric utilities
Related Terms
US Federal Reserve 8527Bloomberg 5254financials 2975S&P 500 2460stocks 2123Standard & Poor 2008equities 1689Economy 1513Morgan Stanley 934retail sales 850Stock indexes 843Department of Commerce 838gross domestic product 748Bank of America Corp. 596Massachusetts 585europe 463gdp 319Alcoa Inc. 151Cyprus 106International Business Machines Corp. 78Lennar Corp. 61Russell Investments 45EBay Inc. 44Toll Brothers Inc. 41Jefferies Group Inc. 38Birinyi Associates Inc. 21online marketplace 21Fifth Third Bancorp 19CBS Corp. 16Research In Motion Ltd. 16Stephen Wood 9Cabot Money Management Inc. 7Gannett Co. 7GameStop Corp. 7BlackBerry 6PVH Corp. 4Wyndham Worldwide Corp. 4Deckers Outdoor Corp. 3video-game retailer 2digital and mobile products 1Robert Lutts 1Randal Konik 1

Free Newsletter Modern Trader Follow

Main menu

  • Futures
    • Modern Trader Magazine
    • Commodities
    • Futures Mag Archives
    • ETFs
    • Financials
    • Forex
    • Managed Funds
    • Market Analysis
    • News
    • Options
    • Regulation
    • Technology
    • Trading Strategies
    • Education
    • Futures Op-Ed
  • Favorites
    • Alpha Pages Most Popular
    • Futures Magazine
    • Modern Trader Magazine
    • Most Popular
    • Slideshows & Lists
    • Special Topics
      • Alpha Hunters
      • Bad Boys
      • FINtech
      • High-Frequency Trading
      • Trader's Life
      • Trading Strategies
      • FUTURES MAG's 500th ISSUE
      • We asked traders
  • Traders
    • Market Data
    • Hot Charts
    • Interactive Charts
    • Trading Calendar
  • FINalternatives
  • Hard Assets
    • Home
    • Base Metals
    • Precious Metals
    • Rare Earth Metals
    • Commodities
    • Mining Investments
    • Slideshows
  • Modern Trader
    • Subscribe
    • Past Issues
  • All +
    • Follow Us +
      • FuturesMag
      • Newsletters
      • Facebook
      • Google+
      • Linkedin
      • Twitter
      • RSS Feeds
    • About Us +
      • About
      • Advertise
      • Contact
      • Contribute
      • Privacy Policy
  • !
images