Dow closing record, U.S. stocks rose, sending the Dow Jones Industrial Average to its first close above 15,000, on optimism over global central bank stimulus and better-than- estimated corporate earnings.
The Standard & Poor's 500 Index rose 0.5 percent to 1,625.96 at 4 p.m in New York, its fourth straight record close. The Dow added 87.01 points, or 0.6 percent, to 15,055.90. The gauge briefly surpassed 15,000 for the first time on May 3.
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"This is a QE-fueled market," Steven Bulko, the New York- based chief investment officer of Lombard Odier Investment Management's $1 billion long/short 1798 Fundamental Strategies Fund, said by telephone. "You're just not seeing sales based on allocation into any other asset class because of the relative unattractiveness of everything other than equities. That's putting in place a firm bid to the equities market."
The S&P 500 advanced 0.2 percent to a record yesterday, after the benchmark gauge for U.S. equities topped 1,600 for the first time on May 3. U.S. stocks are in the fifth year of a bull market amid better-than-estimated corporate earnings and three rounds of bond purchases by the Federal Reserve.
Fed Chairman Ben S. Bernanke has injected more than $2.3 trillion into the financial system since 2008. The Fed is currently buying $85 billion of debt each month under a policy of so-called quantitative easing. Bank of Japan Governor Haruhiko Kuroda last month began a campaign to end falling prices in a bid to reach 2 percent inflation in two years. The European Central Bank cut its main refinancing rate last week.
Read More:telegram
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