S&P 500 Soars Above 1,900 Level

May 27, 2014 at 8:12 PM

Stocks climbed to all-time highs on Tuesday as Wall Street cheered positive economic reports in the U.S. and a wave of buying in Europe.

The Dow Jones industrial average and S&P 500posted steady gains in early afternoon trading, while the Nasdaq rallied almost 1%. U.S. markets were closed on Monday in observance of Memorial Day.

Here are four things you need to know today:

1. S&P 500 above 1,900: The optimistic sentiment carried the S&P 500 further into record territory and above the psychologically-important 1,900 level. So far today it has climbed as high as 1,911. This would mark the 12th record close of the year for the broad average, which ended at an all-time high of 1,900.5 on Friday.

The Dow is within striking distance of its record closing high of 16,715.4 that was set earlier this month, although it doesn't look likely to cross that without a strong rally before the closing bell.

The Nasdaq is up almost 1% today, continuing its May bounce back.

This week should feature a lot of "catch up" as traders return from the long weekend and realize "they need to hop on or underneath the train before it leaves the station," Michael Block, chief strategist at Rhino Trading Partners, said in a note.

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Source: CNN

Category: Bizblog