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Dow hits another record close

4:32 PM, Nov 11, 2013   |    comments
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Stocks rose slightly Monday as the Dow Jones industrial average set another record close.

Trading in the stock market was muted as bond markets were closed in observance of the Veterans Day holiday. Traders on the floor of the New York Stock Exchange held a moment of silence in observance of the holiday.

The Dow rose 21.32 points, or 0.1%, to close at an all-time high of 15,783.10, according to preliminary calculations. The Standard & Poor's 500 index rose 1.28, or 0.1%, to 1,771.89, falling just shy of its record close of 1,771.95. The Nasdaq composite index gained 1.67, or 0.04%, to 3,919.79.

On Friday, stocks got a lift from a better-than-expected jobs report as the Dow gained 1.1% to close at a record 15,761.78. The S&P 500 index ended up 1.3% at 1,770.61. The Nasdaq advanced 1.6% to 3, 919.23.

Investors this week will look for evidence that Americans are ready to start spending for the holidays. Macy's, Walmart, Nordstrom and Kohl's are scheduled to report their quarterly results.

About ninety percent of the companies in the S&P 500 have released their third-quarter earnings, and the majority beat the expectations of Wall Street analysts, according to data from S&P Capital IQ.

Earnings are forecast to grow by 5.6% in the July-to-September period, compared with 4.9% in the second quarter and 2.4% in the same period a year earlier.

In energy trading Monday, benchmark crude for December delivery was up 56 cents to $95.16 in electronic trading on the New York Mercantile Exchange. The contract rose 40 cents to close at $94.60 a barrel on Friday.

Asian stock markets eyed the strong U.S. economic growth data from last week as well as expectations that the Federal Reserve will start cutting back stimulus soon.

Hong Kong's Hang Seng rose 1.4% Monday to 23,069.85 while China's Shanghai composite rose 0.2% to 2,109.47. Japan's Nikkei 225 advanced 1.3% to 14,269.84.

Stocks in Manila sank after a typhoon devastated the eastern Philippines, killing thousands of people.

Global investors were also waiting to see if China's communist leaders, who started a four-day meeting in Beijing on Saturday, would announce reform plans to bolster the world's No. 2 economy.

European markets were trading higher.Britain's FTSE 100 index was up 0.3% to 6,728.37 and Germany's DAX index gained 0.3% to 9,107.86. France's CAC index gained 0.7% to 4,290.14.

USA TODAY

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