U.S. Stocks Advance to Record as Jobless Claims Declin

[Purveyor]

Source: Bloomberg

U.S. stocks climbed, extending an all-time high for the Standard & Poor’s 500 Index (SPX), as a drop in jobless claims fueled optimism in the economy.

The S&P 500 rose 0.5 percent to 1,842 at 4 p.m. in New York. U.S. markets were closed yesterday for the Christmas holiday.

“The stock market is energized by the stronger macro trends that we’re seeing,” Jim Russell, who helps oversee $112 billion as a senior equity strategist for U.S. Bank Wealth Management, said by phone. “The fundamentals are filling in for a market that has been primarily Fed-driven. We think that is a healthy and sustainable development that has some momentum into 2014.”

U.S. benchmark indexes reached all-time highs in a shortened session on Dec. 24 as data on durable goods and new-home sales beat forecasts. The S&P 500 has gained 29 percent in 2013, poised for its biggest annual jump since 1997.

Read more: http://www.bloomberg.com/news/2013-12-26/u-s-index-futures-little-changed-before-jobless-claims.html

[Lasher]

1. Hot damn, this is good news!

But prepare for the gloom and doom, you know it's coming.

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[Brigid]

2. I'll start cheering . . .

When wages start rising.