Dow Jones Industrial Average Hits New High On A Bad News Day
Wall Street Sector Selector | May 16, 2013 07:48PM ET
It was surprising to see the Dow Jones Industrial Average reach a new record intraday high, despite a disturbing jump in weekly initial unemployment claims to 360,000. The Dow’s intraday surge occurred despite additional downbeat data, including the report on April housing starts and the Philadelphia Federal Reserve’s Business Outlook Survey.
The Dow Jones Industrial Average (NYSEARCA:DIA) lost 42 points to finish Thursday’s trading session at 15,233 for a 0.28 percent decline. The Dow reached a new record intraday high of 15,302.49. The S&P 500 (NYSEARCA:SPY) declined 0.50 percent to 1,650.
The Nasdaq 100 (NASDAQ:QQQ) dipped 0.11 percent to 2,999. The Russell 2000 (NYSEARCA:IWM) declined 0.32 percent to 985.
In other major markets, oil (NYSEARCA:USO) advanced 0.77 percent to close at $33.87.
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