Intraday Record For The Dow Jones Industrial Average
Wall Street Sector Selector | May 10, 2013 02:07AM ET
The Dow Jones Industrial Average extended its residence in the 15,000 range on Thursday as it continued beyond 15,100. After reaching a new record intraday high of 15,144.83 at 1:48 EDT, the Dow ran out of fuel at 2:28, when a head-and-shoulders pattern took shape on the chart, sending many investors running for the exits
The S&P 500 followed a similar course, fading from an intraday record high during the last 90 minutes of the session. Philadelphia Federal Reserve president Charles Plosser was to blame for the buzzkill, after his statement that he would join forces with Kansas City FedHead Esther George to advocate attenuation of the quantitative easing program at the June 18 FOMC meeting.
The day got off to a good start because the Department of Labor reported that initial unemployment claims fell to 323,000 despite expectations of an increase to 335,000.
Thursday brought some big winners. Ocean Power Technologies (OPTT) skyrocketed 33.78 percent after Ascendiant Capital Markets initiated coverage on the stock as a “Strong Buy”. Green Mountain Coffee Roasters (GMCR) soared 27.84 percent after the company raised its profit forecast for the fiscal year ending in September from $2.82 per share to $3.15 per share due to the popularity of its K-Cup product line.
One of the most shorted stocks on the market, Tesla Motors (TSLA) reported adjusted quarterly earnings of 12 cents per share, running over expectations of only 3 cents per share. It was Tesla’s first profitable quarter. Thursday’s trading session resulted in a massive short squeeze, on the very day when Consumer Reports announced that the Tesla Model S had achieved its highest score ever: 99. Although the same score was achieved by the Lexus LS460 in 2009, Consumer Reports has described the Tesla as the best car it ever tested. Tesla’s share price finished the session with a gain of 24.40 percent.
The Dow Jones Industrial Average (DIA) lost 22 points to finish Thursday’s trading session at 15,082.62 for a 0.15 percent decline. Nevertheless, the Dow reached a new record intraday high of 15,144.83. The S&P 500 (SPY) declined 0.37 percent to close at 1,626.67 after setting a new intraday record high of 1,635.01.
The Nasdaq 100 (QQQ) fell 0.24 percent to 2,961. The Russell 2000 (IWM) dropped 0.43 percent to end the day at 966.
In other major markets, oil (USO) declined 0.67 percent to close at $34.17.
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