Wall Street investors ended a three-day losing streak and the Dow Jones industrials closed at a record high, after central banks provided the reassurance investors needed that is that they will keep policies designed to foster growth globally. The Dow Jones industrial average (.DJI) gained 106.29 points, or 0.69 percent, to a record 15,409.39 at the close.
The Standard & Poor’s 500 Index (.SPX) added 10.46 points, or 0.63 percent, to finish at 1,660.06. The Nasdaq Composite Index (.IXIC) rose 29.74 points, or 0.86 percent, to end at 3,488.89.
Advancing stocks outnumbered declining issues on the NYSE 18 to 13, while the NASDAQ was in positive territory with nearly 9 issues rising for every four that fell.
Consumer confidence has risen to its highest levels in over five years and home prices have appreciated by the most in nearly 7 years. Investors are cautious however over concerns that the Federal Reserve may cut back on stimulus measures much sooner than expected.
Government monetary stimulus has contributed mightily to Wall Street’s gains in 2013, with the S&P 500 rising nearly 17%. Many analysts have also cited relatively cheap valuations and earnings growth as the primary reasons that investors have looked at the current market as a buying opportunity, driving the Dow and S&P 500 even higher.
investors are still cautious however and speculation has persisted that the Fed bond buying plan could be slowing down in the near future.
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