The Norman Transcript

Nation/World

April 10, 2013

Dow Jones average closes at record high

NEW YORK — Materials and energy companies led the stock market higher Tuesday, sending the Dow Jones industrial average to its second all-time high in a week.

The Dow closed at 14,673.46, a gain of 59.98 points, or 0.4 percent. The Standard & Poor’s 500 index also rose 0.4 percent, closing less than two points below its own all-time high set April 2.

The prices of metals like copper, gold and silver have rebounded this week after slumping for the first three months of the year on waning demand. Oil is also rising following a sharp decline last week.

“You’re seeing some pretty decent action in the overall market, with today’s leadership coming from the basic materials sector,” said Robert Pavlik, chief market strategist at Banyan Partners. “It’s an area of the market that does represent some value because it’s underperformed.”

The rise in basic materials such as precious metals was caused by a weakening of the dollar against other currencies, HSBC analyst Howard Wen said. Commodities are typically priced in dollars and a decline in the currency allows overseas buyers to purchase materials at lower prices.

Materials companies were the biggest gainers of the 10 industry groups in the S&P 500, rising 1.1 percent. Energy companies posted the second best return, increasing 0.8 percent. Those two groups have been among the weakest in the market this year.

On Tuesday the S&P 500 rose 5.54 points to 1,568.61. The index closed at a record high of 1,570.25 on April 2. The Nasdaq composite gained 15.61 points, or 0.5 percent, to 3,237.86.

The gains suggested that the Dow and S&P 500 may be poised to break out of a trading pattern they’ve followed for the last three weeks.

Stocks have mostly moved sideways since the middle of March.

For local news and more, subscribe to The Norman Transcript Smart Edition, or our print edition.

1
Text Only | Photo Reprints
Nation/World
  • Study: Half of jailed youths have injury

    NEW YORK — About half of all 16- to 18-year-olds coming into New York City’s jails say they had a traumatic brain injury before being incarcerated, most caused by assaults, according to a new study that’s the latest in a growing body of ...

    April 19, 2014

  • Senate to debate rideshare regulations

    PHOENIX — Among the major issues left to cover at the Arizona Legislature before the session ends is how to regulate the increasingly popular ridesharing programs like Uber and Lyft. The contentious debate has pitted traditional taxi ...

    April 19, 2014

  • Quake shakes Mexican capital

    ACAPULCO, Mexico — A powerful magnitude-7.2 earthquake shook central and southern Mexico on Friday, sending panicked people into the streets. Some walls cracked and fell, but there were no reports of major damage or casualties....

    April 19, 2014

  • Fear and loathing

    DENVER — A college student eats more than the recommended dose of a marijuana-laced cookie and jumps to his death from a hotel balcony. A husband with no history of violence is accused of shooting his wife in the head, possibly after ...

    April 19, 2014

  • Captain arrested after sinking of ferry

    MOKPO, South Korea — The captain of a sunken South Korean ferry was arrested Saturday on suspicion of negligence and abandoning people in need, as investigators looked into whether his evacuation order came too late to save lives. Two crew ...

    April 19, 2014

  • Judge asks pointed questions in gay marriage case

    DENVER — A judge in Colorado who will play a pivotal role deciding whether gays should be allowed to wed in the United States asked pointed questions Thursday about whether Oklahoma can legally ban the unions....

    April 18, 2014

  • Sudan: 12 die after mob attacks UN base

    JUBA, South Sudan — An angry mob of South Sudanese youths attacked a U.N. base on Thursday to harm members of an ethnic minority sheltering inside. Peacekeepers were forced to open fire, amid rampaging violence that killed at least 12 ...

    April 18, 2014

  • Astronomers spot most Earth-like planet yet

    LOS ANGELES — Astronomers have discovered what they say is the most Earth-like planet yet detected — a distant, rocky world that’s similar in size to our own and exists in the Goldilocks zone where it’s not too hot and not too cold for ...

    April 18, 2014

  • Creek, old purse solve mystery

    ELK POINT, S.D. — Cheryl Miller and Pamella Jackson had planned to celebrate the end of the 1971 school year by gathering with classmates at a quarry along a gravel road....

    April 18, 2014

  • Chaotic scene described on sinking ferry

    MOKPO, South Korea — There was chaos and confusion on the bridge of a sinking ferry, with the captain first trying to stabilize the listing vessel before ordering its evacuation, a crewman said Thursday....

    April 18, 2014