The Norman Transcript

Headlines

November 6, 2013

Dow Jones average closes at another record high

NEW YORK — There wasn’t any major economic news or blockbuster earnings. But that didn’t stop investors from pushing the Dow Jones industrial average to another record on Wednesday.

Instead, investors focused on the big economic news this week that has yet to come, U.S. third-quarter economic growth today and the October jobs report Friday. Both reports could signal how much longer the Federal Reserve will keep up its $85 billion a month in bond purchases. That program has held down interest rates, kept bond yields low and made stocks more attractive for investors.

The Dow reached its latest record of 15,746.88 with some help from Microsoft. The tech giant rose the most in more than two months after analysts at Nomura said investors should focus on how the company’s fortunes could improve once it picks a replacement for CEO Steve Ballmer.

Other indexes also gained, but not as much.

The Standard & Poor’s 500 index rose, but not quite enough to set another record. The Nasdaq composite and the Russell 2000, an index of small-company stocks, edged lower. The patchy performance of the overall market suggests that investors may be getting wary of stocks after this year’s strong gains, said Sam Stovall, chief equity strategist at S&P Capital IQ.

Stovall said he didn’t think the market’s advance was in danger of being derailed, but said “investors are still a little bit nervous.”

The Dow increased 128.66 points, or 0.8 percent. The S&P 500 index rose 7.52, or 0.4 percent, to 1,770.49, just one point below its all-time high set Oct. 29. It’s up 24 percent so far this year.

The Nasdaq composite fell 7.92 points, or 0.2 percent, to 3,931.95. The index reached a 13-year high at the end of last month.

Economists expect that the U.S. economy grew at an annualized pace of 2 percent in the July-to-September period, down from 2.5 percent the previous quarter, according to FactSet, a financial data provider. They also forecast that U.S. employers added 122,000 jobs in October, down from 148,000 the month before. Weak signals on the economy could mean a longer period of Fed stimulus.

Text Only | Photo Reprints
Headlines
  • SWIMMER Aquatic center could serve many community needs

    Michael Yoch could have been the kid with asthma sitting on the sidelines — could have been, but wasn’t. Michael had trouble running because of his asthma, which made it difficult to play soccer and many other sports his friends loved. ...

    July 27, 2014 1 Photo

  • Photo Slideshow: James Garner through the years

    Photos of James Garner...

    July 27, 2014

  • Health officials prepare for flu

    OKLAHOMA CITY — Following a flu season in which a record number of Oklahomans died as a result of the virus, state and county health officials say educating the public and general common sense are vital to reducing both the death rate and ...

    July 27, 2014

  • Injury accident reported

    Transcript Staff Emergency crews responded to an injury accident around 10:20 p.m. Sunday in the 1000 block of 80th Avenue Southeast where there were reports of someone pinned. Several reports indicated a vehicle struck a tree causing one ...

    July 28, 2014

  • Migrant kids go to Mass

    The services have all the elements of a typical Sunday Mass — singing, scripture, a sermon, prayers, communion and worship....

    July 27, 2014

  • Prisons expand reach to bring training to more officers

    McALESTER — Joshua Drake once was offered the chance to be a corrections officer but turned it down because he didn’t want to leave his wife and aging parents for six weeks to train hundreds of miles away in El Reno....

    July 27, 2014

  • Storm victims face loan dilemma

    The tornadoes, flooding and hail that struck Oklahoma last year left hundreds of millions of dollars in property damage, causing many home and business owners to seek help in the form of low-interest federal loans....

    July 27, 2014

  • Norman North teen struck by freight train recovering with therapy

    A Norman North teen struck by a freight train in May is on the road to recovery and ready to get back to school after spending most of his summer in a hospital. Harrison Braddy, 16, has been staying busy with rehab and physical therapy ...

    July 27, 2014

  • Director leaves decade of memories

    Maureen Dolan is giving up the post as director of St. Joseph’s Early Childhood Development Center, fondly called “St. Joe’s” by the many parents whose pre-school children have spent their weekdays under her care over the past 10 years....

    July 27, 2014

  • Teen critical after rescue

    A 17-year-old Yukon male was transported to the hospital Sunday after a near drowning incident at Lake Thunderbird in the Party Cove area. Emergency crews responded to the lake after a report of a possible drowning around 5:30 p.m. ...

    July 27, 2014