S&P 500 rallies to record high for fifth day

THE S&P 500 closed at an all-time high for a fifth day yesterday in a broad rally that keeps surprising investors with its longevity and resilience.

The Dow also ended at a record high for a second straight day, pushing further above 15,000.

Financials, materials and technology sectors were among the strongest performers, with shares of IBM leading the Dow higher. IBM’s stock rose 1.1 per cent to $204.82.

Among the S&P 500’s biggest percentage gainers was Whole Foods Market, whose shares jumped 10.1 per cent to $102.19 a day after it reported a rebound in same-store sales and raised its full-year profit view.

Apple shares finished the day up 1.1 percent at $463.84 after falling in the previous session.

The Dow Jones industrial average gained 48.92 points, or 0.32 per cent, to end at a record high of 15,105.12 – its second consecutive close above 15,000.

The Standard & Poor’s 500 Index rose 6.73 points, or 0.41 per cent, to finish at a record high of 1,632.69.

The Nasdaq Composite Index advanced 16.64 points, or 0.49 per cent, to close at 3,413.27.

During the session, the Dow also reached an all-time intraday high of 15,106.81 and the S&P 500 set a record intraday high of 1,632.78.

The S&P 500 has climbed 14.5 per cent so far this year, while the Dow has advanced 15.3 per cent and the Nasdaq has gained 13 per cent.

Despite the gains, the market remains below overbought territory, with the relative strength index on the S&P 500 slightly below 70.

Results are in from about 440 companies so far. Earnings have largely been better than expected this quarter, with the majority of companies surpassing estimates. Volume was roughly 6.2bn shares, below the average daily closing volume of about 6.4bn this year.