Record-Breaking Week on Wall Street

May 17, 2013 6:01pm

Stocks finished out another record-breaking week.

The Dow, S&P and NASDAQ stock indexes have posted four straight weeks of gains.

The Dow Jones Industrial average ended the day up 121 points to close the week at 15,354. Year-to-date, the Dow is up 17 percent.  

Hewlett-Packard, Boeing and Disney (parent company of ABC News) have been the biggest winners in 2013.

There are only two stocks in the Dow 30 that are down for the year – Alcoa, which is down just half a percent, and Caterpillar, which is lower by a little more than 2 percent.

The S&P 500 also closed the week at an all-time high. Like the Dow, the S&P is up just about 17 percent this year.  The S&P has also been up 17 of the last 21 sessions.

The NASDAQ, a tech heavy index, closed the week at a new 12 1/2-year high. The NASDAQ is up nearly 16 percent this year.

But forget a 16 percent gain: How about a 160-percent gain? That’s how much shares of Netflix have soared this year.

One of the key drivers for the move higher today was the report that consumers were feeling more confident about the market and the economy. The Michigan Consumer Sentiment Index for May climbed to its highest level in almost six years.

“Overall, a number of indicators in the economy have been improving,” said Rebecca Jarvis, ABC News’ chief business and economics correspondent, “and that has positively impacted the mind and the psychology of the American consumer.”

The big question is where is the market headed from here and whether it safe to put your money in the market now.

IHS Global Insight Economist Paul Edelstein believes “stocks can still do well in this environment.”

But he added, “There is a little more risk now than there was at the start of the year when stocks were cheap.”

SHOWS:
You are using an outdated version of Internet Explorer. Please click here to upgrade your browser in order to comment.
blog comments powered by Disqus