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Dow, S&P Close At New Record Highs

3:40 PM, May 14, 2013   |    comments
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Stocks moved back into record territory Tuesday as the Dow Jones industrial average and the Standard & Poor's 500 index closed at new record highs.

The S&P 500 jumped 1.0% to 1,650, according to preliminary calculations. The Dow gained 0.8% to 15,215 and the tech-laden Nasdaq composite index rose 0.7% to 3,463.

Gains were led by financial companies as banks and insurers rose 1.4%, the biggest gain among the 10 industry groups in the S&P 500.

Bank of America shares rose to their highest level in more than two years, jumping 2.8%. JPMorgan Chase was up 1.1%.

For stock investors, the economy is "not too hot, not too cold," says Michael Sheldon, chief market strategist at RDM Financial. The economy is weak enough that the Fed will continue with its $85 billion-a-month economic stimulus program, but strong enough for companies to generate healthy earnings.

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