S&P races on to record level

 
Michael Bow
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THE S&P 500 closed at a record high late last night, topping its last high recorded earlier this month.

The S&P gained 0.7 per cent to nudge up to its highest level ever of 1,594 and the Nasdaq surged to its highest level in 12 years, as the 2013 equity market rally shows no signs of abating.

Moody’s helped lead the S&P into its record territory, gaining 8.3 per cent over the day after it settled a lawsuit over credit ratings. McGraw-Hill rose 2.8 per cent after its S&P unit said it settled similar suits