US stocks inch further into record territory

It has been another record breaking week for US stock markets that will help spur economic growth. 

|
Richard Drew/AP Photo
Trader Jason Harper, left, works on the floor of the New York Stock Exchange, Monday, Nov. 24, 2014.

The U.S. stock market held at record levels in early afternoon trading Monday. Renewed confidence that stimulus measures from global central banks will help spur economic growth is supporting demand for stocks.

KEEPING SCORE: The Standard & Poor's 500 index rose four points, or 0.2 percent, to 2,067 as of 3:18 p.m. Eastern. The Dow Jones industrial average fell 10 points, or less than 0.1 percent, to 17,799. The Nasdaq composite gained 35 points, or 0.7 percent, to 4,748.

CONSUMER GOODS: The so-called consumer discretionary sector, which includes retailers such as Coach, Urban Outfitters and Gap, led gains for the stock market ahead of the holiday season. Coach rose 98 cents, or 2.6 percent, to $37.41 as analysts at Stifel reiterated their belief that the company was "doing the right things to reinvigorate the brand." The analysts believe that the stock's price could climb as high as $47.

THE BACKDROP: The S&P 500 has gained 11 percent since bottoming out in a slump that stretched from mid-September to mid-October. The rally has been driven by a belief that central bank actions in Europe, China and Japan will help invigorate global economic growth.

On Friday, China's central bank lowered a key interest rate and European Central Bank President Mario Draghi said he was willing to step up the bank's efforts to stimulate the region's struggling economy.

THE QUOTE: "You clearly have momentum favoring stocks right now," said Russ Koesterich, chief investment strategist at Blackrock. "You have a persistence of low interest rates and, if anything, long-term rates continue to grind lower in most parts of the world."

TOUGH YEAR COMING: Verizon slumped 82 cents, or 1.6 percent, to $49.40. Analysts at Citigroup cut their outlook on thestock to "neutral," predicting that the telecom company's earnings will come in lower than most Wall Street analysts expect. Revenue growth at the big telecommunication companies will be crimped by more intense competition next year and higher prices for wireless spectrum. AT&T also fell, dropping 59 cents, or 1.7 percent, to $34.68.

EUROPE: Sentiment was supported in European markets by a rise in the closely watched Ifo business confidence survey in Germany, the first after six months of declines. The increase suggests Europe's largest economy may improve after a weak summer, though growth is likely to remain subdued.

MARKET BOOST: Germany's DAX rose 0.5 percent to 9,785 while France's CAC-40 gained 0.5 percent to 4,385. London's FTSE 100 dipped 0.3 percent to 6,729.

OPEC: Traders are also watching a meeting in Vienna on Thursday of the Organization of Petroleum Exporting Countries for a possible agreement to cut production to shore up prices. The price of crude has tumbled 25 percent since the summer as producers kept output stable while demand in Europe and other markets weakened.

ENERGY: Benchmark U.S. crude fell 73 cents, or 1 percent, to $75.78 per barrel on the New York Mercantile Exchange.

BONDS AND CURRENCIES: U.S. government bond prices were flat. The yield on the benchmark 10-year Treasury note held at 2.31 percent. The dollar continued its ascent against the Japanese yen. The U.S. currency rose to 118.41 yen from 117.79 yen Friday. The euro rose to $1.2426 from $1.2360.

METALS: The price of gold fell $2, or 0.2 percent, to $1,195.70 an ounce. Silver dropped 1.9 cents, or 0.1 percent, to $16.38 an ounce. Copper declined 3.2 cents, or 1 percent, to $3 per pound.

You've read  of  free articles. Subscribe to continue.
Real news can be honest, hopeful, credible, constructive.
What is the Monitor difference? Tackling the tough headlines – with humanity. Listening to sources – with respect. Seeing the story that others are missing by reporting what so often gets overlooked: the values that connect us. That’s Monitor reporting – news that changes how you see the world.

Dear Reader,

About a year ago, I happened upon this statement about the Monitor in the Harvard Business Review – under the charming heading of “do things that don’t interest you”:

“Many things that end up” being meaningful, writes social scientist Joseph Grenny, “have come from conference workshops, articles, or online videos that began as a chore and ended with an insight. My work in Kenya, for example, was heavily influenced by a Christian Science Monitor article I had forced myself to read 10 years earlier. Sometimes, we call things ‘boring’ simply because they lie outside the box we are currently in.”

If you were to come up with a punchline to a joke about the Monitor, that would probably be it. We’re seen as being global, fair, insightful, and perhaps a bit too earnest. We’re the bran muffin of journalism.

But you know what? We change lives. And I’m going to argue that we change lives precisely because we force open that too-small box that most human beings think they live in.

The Monitor is a peculiar little publication that’s hard for the world to figure out. We’re run by a church, but we’re not only for church members and we’re not about converting people. We’re known as being fair even as the world becomes as polarized as at any time since the newspaper’s founding in 1908.

We have a mission beyond circulation, we want to bridge divides. We’re about kicking down the door of thought everywhere and saying, “You are bigger and more capable than you realize. And we can prove it.”

If you’re looking for bran muffin journalism, you can subscribe to the Monitor for $15. You’ll get the Monitor Weekly magazine, the Monitor Daily email, and unlimited access to CSMonitor.com.

QR Code to US stocks inch further into record territory
Read this article in
https://www.csmonitor.com/Business/Latest-News-Wires/2014/1124/US-stocks-inch-further-into-record-territory
QR Code to Subscription page
Start your subscription today
https://www.csmonitor.com/subscribe