Make us your home page
Instagram

Dow, S & P 500 hit all-time highs

NEW YORK — The stock market returned to record levels on Monday as investors regained their appetite for riskier stocks.

After beating down Internet and small companies for two months, investors decided that those stocks had fallen enough. Among the big gainers were Twitter and Facebook, which had plunged in March and April. The Russell 2000, an index made up of small companies, climbed the most in two months.

"There is some bargain buying in some of the names that got hit hard in March and April," said Tim Courtney, chief investment officer at Exencial, an independent wealth management company.

On Monday, the Standard & Poor's 500 index rose 18.17 points, or 1 percent, to finish at an all-time high of 1,896.65. The index last closed at a record high on April 2, when it reached 1,890.90.

The Dow Jones Industrial Average gained 112.13 points, or 0.7 percent, to 16,695.47 Monday. The Dow's previous record high was 16,583.34, set Friday.

The Nasdaq climbed 71.99 points, or 1.8 percent, to 4,143.86.

The Russell 2000 index rose 26.4 points, or 2.4 percent, to 1,133.65, its biggest gain since March 4. The index had slumped almost 10 percent from March 4 to May 9 as investors sold riskier stocks. The Russell still remains down 2.6 percent for the year after surging 37 percent in 2013.

Gains on Monday were led by technology and industrial companies, sectors that are expected to benefit most if the economy starts growing faster.

Facebook rose $2.59, or 4.5 percent, to $59.83, reducing the stock's decline since March 10 to 17 percent. Twitter, another stock that has been beaten down recently, rose $1.89, or 5.9 percent, to $33.94.

Stocks also got a boost from some merger news.

Pinnacle Foods surged $4.02, or 13.2 percent, to $34.47 after the company agreed to be acquired by Hillshire Brands. Pinnacle's brands include Duncan Hines and Aunt Jemima, while Hillshire makes Jimmy Dean and Sara Lee products. Hillshire fell $1.19, or 3.2 percent, to $35.76.

For the year, the Dow is up 118.81 points, or 0.72 percent. The S&P 500 index is up 48.29 points, or 2.61 percent. And the Nasdaq is down 32.73 points, or 0.78 percent.

Dow, S & P 500 hit all-time highs 05/12/14 [Last modified: Monday, May 12, 2014 8:49pm]
Photo reprints | Article reprints

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Reload your SunPass account. Roadway tolls return Thursday.

    State Roundup

    TALLAHASSEE — Florida residents will no longer get a free pass traversing most stretches of the Florida Turnpike or certain local expressways across the state.

    With a push by the Florida Turpike to encourage more drivers traveling the Veterans and Suncoast Parkway to buy a Sunpass, motorists will begin to see more lanes converted to handle Sunpass. [Tampa Bay Times]
  2. Tampa Heights project gets $21.5 million in funding

    Real Estate

    TAMPA --- The Tampa-based Heights Community Development District got a financial boost from a $21.5 million tax-exempt bond issue to fund the waterfront community being built along the Hillsborough River just north of downtown Tampa. Proceeds from the bond issue are expected to used for new roads, sidewalks, the Tampa …

    Tampa's Heights Community Development District got a financial boost from a $21.5 million tax-exempt bond issue to fund the waterfront community being built along the Hillsborough River just north of downtown Tampa.
[Courtesy of Aerial Innovations, Inc.]
  3. Grocery chain Aldi hiring for 500 positions across Florida

    Retail

    Aldi, the German grocery store chain, is hiring for 500 positions across Florida, including at its locations in Tampa Bay. The company will hold a "one-day hiring spree" Thursday from 7 a.m. to 5 p.m. at all Aldi stores in the state, a Tuesday release said.

    Aldi, a German grocery store chain, is hiring for 500 positions across the state. | [Times file photo]
  4. Irma's death toll in Florida rises to 42, but will grow

    News

    TALLAHASSEE —Deadly carbon monoxide fumes have killed 11 people in Florida as Hurricane Irma's death toll rose to 42 on Tuesday, state officials reported.

    A resident walks by a pile of debris caused by a storm surge during Hurricane Irma in Everglades City. The isolated Everglades City community of about 400 people suffered some of Florida's worst storm surges, up to 9 feet (2.7 meters), when Hurricane Irma slammed the region eight days ago, leaving the insides of homes a sodden mess and caking the streets with mud. The storm affected nearly every part of the state, and, so far, the death toll stands at 42. [AP Photo | Alan Diaz]
  5. After Irma, Tampa Bay synagogues get ready for Rosh Hashana

    Religion

    As the holiest days of the Jewish calendar approached, so did Hurricane Irma.

    Congregants open the ark which holds several torah scrolls during Selichot services at Congregation B'nai Israel of St. Petersburg on Saturday, September 16, 2017. The Jewish new year, Rosh Hashana begins at sundown on Wednesday night.