S&P 500 closes above 1,500

first_imgOn Thursday, the good news was about inflation: The Labor Department said wages, as measured by unit labor costs, rose at a tepid 0.6 percent rate in the first quarter. The news fed Wall Street’s hopes for an interest rate cut later this year. Perhaps giving the S&P 500 its final push, the Institute for Supply Management said its index of nonmanufacturing business rose to 56.0 in April from 52.4. “You’re seeing some vertigo out there, the fear we’re getting ahead of ourselves,” said Arthur Hogan, chief market analyst at Jefferies & Co. “There’s going to be natural trepidation at new levels, but you rationalize these levels in knowing that we haven’t overextended ourselves like we were in 1999.” The Dow Jones rose 29.50, or 0.22 percent, to 13,241.38. The blue chip index has now hit 18 record closes since the start of the year and 40 since the beginning of October. The Dow’s climb in 22 of the past 25 sessions marks the blue chip average’s longest advance since 1955. The Nasdaq composite index rose 7.62, or 0.30 percent, to 2,565.46. The S&P’s achievement marked another milestone in Wall Street’s recovery from a prolonged slump at the start of the decade. The slide began with the end of the dot-com boom, then accelerated as the economy fell into recession and after the Sept. 11, 2001, terror attacks. Corporate scandals including the collapse of Enron Corp. and Worldcom took a further toll on the market. The S&P 500 fell to a low of 776.76 on Oct. 9, 2002, before starting its recovery. But while it and the Dow have made the long trip back, the Nasdaq, despite its own signs of vigor, is not expected to reach its closing high of 5,048.62, set March 24, 2000, anytime soon. The tech-dominated index was arguably overinflated by the rush to join the Internet boom. “People are watching the momentum moving the market higher, and in some cases they’re participating, maybe grudgingly, but they’re missing out otherwise,” said Bill Schultz, chief investment officer, at McQueen, Ball & Associates. “There are a lot of people that are looking for a dip to buy, and we haven’t seen it. At some point you have to say the dip isn’t coming, but I want to participate.” Thursday’s advance came as investors grew optimistic about inflation. Concerns about inflation, including that of wages, still dog the market as investors try to determine whether an inflation-wary Federal Reserve will become comfortable enough later in the year to lower short-term interest rates. The Fed has left rates unchanged at recent meetings, in part because of concerns about inflation. Other economic data helped shape investor sentiment Thursday. The government reported that the number of Americans seeking unemployment benefits fell by 21,000 last week to 305,000, the lowest level since mid-January. The decline was broader than expected and was the third straight decrease in weekly claims. The economic figures came a day ahead of other Labor Department reports on nonfarm payrolls and unemployment. Besides economic data, the parade of earnings reports continued Thursday with General Motors Corp. turning in lower first-quarter earnings. GM’s profit fell 90 percent from a year earlier, which benefited from a gain. The company also had losses in the residential mortgage business of GMAC Financial Services. GM, one of 30 stocks that make up the Dow industrials, fell $1.75, or 5.4 percent, to $30.69. Bonds fell Thursday. The yield on the benchmark 10-year Treasury note rose to 4.67 percent from 4.65 percent late Thursday. Light, sweet crude fell 49 cents to $63.19 per barrel on the New York Mercantile Exchange.160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! NEW YORK – Wall Street extended its advance Thursday amid a burst of enthusiasm about the economy that gave the Standard & Poor’s 500 index its first close above 1,500 since September 2000. The S&P 500, the index most closely watched by market professionals, made its first foray past 1,500 shortly after trading began and rose as high as 1,503.34 just over a week after the Dow Jones industrial average passed 13,000 for the first time. The index closed at 1,502.39, up 6.47, or 0.43 percent, and is now within striking distance of its closing high of 1,527.46, set March 24, 2000, just as the dot-com bubble began to burst and Wall Street began a three-year-long decline. The Dow, meanwhile, had its third straight record-high close. Stocks have soared in recent weeks as first-quarter earnings beat reduced expectations, and upbeat economic news added to the gains. With the Dow having piled on more than 700 points in April alone, there are concerns that investors may be getting a little too enthusiastic given the uncertainty in the housing market and other sectors of the economy. last_img read more

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GAA NEWS: ST EUNANS FACE KILCAR IN U21 FINAL

first_imgSt Eunan’s GAA notesThe U-21 footballers will play Kilcar in this Wednesday’s (December 23rd) county final in Ardara at 7.30pm. The boys qualified for the final by defeating Aodh Ruadh, Ballyshannon in Saturday’s semi-final. Barry McGeehin got the all-important goal in a 1-11 to 1-06 victory.The Minor boys footballers are in Ulster semi-final action this Sunday, December 27th. The boys travel to St. Paul’s G.F.C. Belfast to take on Enniskillen Gaels, throw in 1.30pm.Best of luck to both sets of players and their management in what is another big week for our teams. All support most welcome. Congratulations to David McGinley on his recent appointment as manager of our Senior Football team. We wish David all the best for 2016. Sincere thanks to outgoing manager, Maxi Curran and his backroom teams for their brilliant contribution and successes over the last two years.The St. Stephen’s Day Married men v Single men challenge game (see club Facebook page for information) takes place at O’Donnell Park, starting at 12 noon. All members are welcome. Contact John Haran on 086 213 3522 or Mick Martin on 086 373 7552 for details.The Annual Road-Puck also takes place on St. Stephen’s Day, at 11.30am. Lifts to the course on the outskirts of Letterkenny will be provided from the clubhouse. Hurlers will then return to the Clubhouse afterwards to join the footballers for the after match refreshments. Contact Eunan O’Donnell on087 677 5637 or see Facebook page for full details.The Senior Board A.G.M. is on Tuesday, December 29th at 6.30pm in the Clubhouse. Some tickets are still available for the New Year’s Eve function in the Clubhouse. Priced at only €10 which includes a drinks reception, finger food and a great night’s entertainment. Contact Ollie Harvey 087 6643694, Aidan McGlynn 087 9208969, Peter Curran 086 3852973 or Gareth McGlynn 087 7552975 to order your ticket now.Tickets are now available from committee members for the National G.A.A. draw. All monies raised from sales are retained by the club.The Century Cinemas Football Academy and the Friday Hurling Academy are currently on a break and will return early in the New Year, full details to follow. New members are always welcome to both academies. For more information, please contact Ciaran Maguire, 087 4133372, Eugene Duffy, 086 8430240 or Eunan O’Donnell, 087 6775637.The Clubhouse at O’Donnell Park is now available to book for parties, functions, etc. Contact Niall on 086-3062893 for further information/bookings.C.L.G. Naomh Adhamhnáin would like to wish all our players and members, their families, our supporters and our sponsors a very Happy Christmas and health and happiness in the New Year. GAA NEWS: ST EUNANS FACE KILCAR IN U21 FINAL was last modified: December 21st, 2015 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)last_img read more

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