Published May 07, 2013
FOX Business: Capitalism Lives Here
The Dow and broader S&P 500 jumped to fresh all-time highs on Tuesday, with the blue-chip average closing above 15000 for the first time ever, on the back of a strong European session.
The Dow Jones Industrial Average climbed 87.3 points, or 0.58%, to 15056, the S&P 500 gained 8.5 points, or 0.52%, to 1626 and the Nasdaq Composite advanced 3.7 points, or 0.11%, to 3397.
It was another day of making milestones for Wall Street. The Dow ended above 15000, and the S&P hit its tenth record high of the year. The Dow is up 14.9% for the year, while the S&P is higher by 14%.
With little in the way of economic data released on the day, events in Europe were driving trading.
The German DAX, which is the country's benchmark index, rallied 0.87% to an all-time high on the day. A report showed German industrial orders climbing 2.2% in March, much better than expectations of a 0.5% dip. The data came as good new from Europe's largest economy that has been struggling against headwinds from the continent's debt crisis.
The Federal Reserve said consumer credit rose by $7.97 billion in March, the gain since July, and much less than the $16 billion economists expected. Revolving credit, like credit cards, $1.71 billion for the month, while none-revolving credit climbed $9.68 billion.
Energy futures were solidly lower. The benchmark U.S. crude oil contract dipped 54 cents, or 0.56%, to $95.62 a barrel. Wholesale New York Harbor gasoline slid 1.1% to $2.833 a gallon. In metals, gold skidded $19.20, or 1.3%, to $1,449 a troy ounce.
The Euro Stoxx 50 jumped 0.75% to 2771, the English FTSE climbed 0.4% to 6548 and the German DAX rallied 0.92% to 8187.
In Asia, the Japanese Nikkei 225 surged 3.6% to 14180 and the Chinese Hang Seng advanced 0.58% to 23047.