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Saturday, 18 May 2013

Stocks Rally for 4th-Straight Week; Dow, S&P 500 Jump to New Highs

By: Writer

Stocks closed out the week with strong gains, with the Dow and S&P 500 hitting fresh highs and all three major averages logging their fourth-straight weekly advance, boosted by a pair of positive economic reports.

The S&P 500 closed at 1,667, spiking nearly 150 percent since the financial crisis when the index hit a low of 666.79 on March 6, 2009.

The Dow Jones Industrial Average rallied 121.18 points, or 0.80 percent, to close at 15,354.40, led by Boeing and JPMorgan.

The S&P 500 jumped 17 points, or 1.03 percent, to end at 1,667.47. The Nasdaq advanced 33.73 points, or 0.97 percent, to finish at 3,498.97.

The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, finished below 13.

For the week, the Dow soared 1.56 percent, the S&P 500 gained 1.98 percent, and the Nasdaq added 1.82 percent. Cisco led the top Dow gainers, while Intel edged lower.

The S&P 500 & Nasdaq have each had gains of at least 1 percent in each of the last four weeks. The last time that happened for the S&P was back in October 2011 and the last time the Nasdaq rose at least 1 percent for four-straight weeks was in February 2012.

All key S&P sectors finished in positive territory for the week, led by financials and industrials.

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