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Green shoots of recovery: S&P 500 closes at new high

business Updated: Mar 30, 2013 02:05 IST

For the second time in less than a month, the US stock market marched past another milepost on its long, turbulent journey back from the Great Recession, toppling another record left over from the days before government bailouts and failing investment banks.

The Standard & Poor’s 500 closed at a new high Thursday, three weeks after another popular market gauge, the Dow Jones, obliterated its own closing record. The S&P capped its best quarter in a year, rising 10%, and the Dow had its best first quarter in 15 years, climbing 11%.

The numbers offer more evidence that investors believe the economy is on the mend, said Sam Stovall, chief equity strategist at S&P Capital IQ.

Investors, however, warned clients not to get overly excited.

“Getting back to where we were is an important step,” said Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. “Markets are volatile, and if you are a long-term investor you should expect declines.”

On Thursday, the S&P 500 rose 6.34 points, or 0.41%, to 1,569.19, beating by four points its previous record of 1,565.15 set on October 9, 2007. The index is still shy of its all-time trading high of 1,576.09.

Major economies to grow stronger
London: The Organisation for Economic Co-operation and Development (OECD) has predicted that the world’s major economies will see stronger growth this year. According to BBC report, OECD said governments would need to keep special measures in place to boost economic growth. Overall, the OECD forecast an average annualised growth of 2.4% among the seven biggest economies in the first quarter of this year. (ANI)