Greensburg Daily News, Greensburg, IN

Business

May 14, 2014

S&P 500 hits 1,900 for the first time

NEW YORK (AP) — The Standard & Poor’s 500 index crossed above 1,900 for the first time Tuesday as investors assessed news on retail sales. Keurig Green Mountain jumped on reports that Coca-Cola had raised its stake in the company.

KEEPING SCORE: The Standard & Poor’s 500 index was up one point, or 0.1 percent, to 1,898 as of 11:27 a.m. Eastern time, after climbed as high as 1,902 in early trading. The Dow Jones industrial average rose 13 points, or 0.1 percent, to 16,708. The Nasdaq composite slipped five points, or 0.1 percent, to 4,138.

RECORD DAY: The S&P 500 and Dow both closed at record levels Monday as investors regained their appetite for riskier stocks. Stocks such as Twitter and Facebook, which had plunged in March and April, were among the big gainers. The Russell 2000, an index made up of small companies, climbed the most in two months.

RETAIL IS DETAIL: Growth of U.S. retail sales slowed in April as consumers shopped less online and cut back on purchases of furniture and electronics. The Commerce Department said retail sales rose 0.1 percent last month after surging 1.5 percent in March. The increase in March followed a harsh winter that curtailed shopping.

THE QUOTE: The stock market is gradually returning to normal after a sustained period of uncertainty following the financial crisis and the Great Recession, said Rob Stein, CEO of Astor Investment Management.

“It would not be surprising for volatility to pick up,” said Stein. “But that doesn’t take away from the fact that the economic fundamentals are supportive of equity prices.”

PERKING UP: Keurig Green Mountain surged $11.40, or 10.2 percent, to $122 after Coca-Cola raised its stake in the company. Coca-Cola, the world’s biggest beverage company, disclosed in a regulatory filing on Tuesday that a subsidiary now has a 16 percent stake in Keurig.

FADING BEAUTY: Elizabeth Arden plunged $5.36, or 15 percent, to $30.03 after the beauty products company reported an unexpected quarterly loss and disclosed it has hired Goldman Sachs to help it explore strategic alternatives.

BONDS AND COMMODITIES: Bond prices rose. The yield on the 10-year Treasury note dropped to 2.61 percent from 2.66 percent late Monday. The price of oil rose 67 cents, or 0.7 percent, to $101.27 a barrel.

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