Will Stock Market Bulls Carry Five Year Highs to New Heights?

| + More Articles
  • Like on Facebook
  • Share on Google+
  • Share on LinkedIn

 Major U.S. stock indexes and ETFs closed at five year highs on Thursday in response to good economic reports and potential settlement in the debt ceiling debate

spy, dia, qqq, iwm, earningsiscal cliff, etf, etfsDecember housing starts came in at 951,000, far exceeding expectations and last month’s reading, and weekly jobless claims logged 335,000, beating expectations and the previous reading.  On the downside, the Philadelphia Fed manufacturing report for January took an unexpected plunge into negative territory at -5.8.

For the day, major index ETFs posted solid gains.  The Dow Jones Industrial Average (NYSEARCA:DIA) jumped 0.63%, the S&P 500 (NYSEARCA:SPY) added 0.56%,  the Nasdaq 100 (NYSEARCA:QQQ) climbed 0.45% and the Russell 2000 (NYSEARCA:IWM) jumped 0.91%.

The most significant part of today’s gain was the advance of the S&P 500 (NYSEARCA:SPY) above recent resistance levels at 1475.

Start 2013 better than ever by saving time and making money with your Limited Time Offer for our highly-acclaimed Stock Picker Newsletter. Click here for our fresh Feature Stock Pick now!

In Washington, murmurs of a temporary increase in the U.S. debt ceiling also added to the positive atmosphere for stocks and ETFs.

Bank of America headlined earnings and was down 4.24% as investors didn’t like what they heard and Intel gained in the regular session but was smacked hard in the after hours session with a drop of 5.3% after releasing its earnings.

More Articles About:

To contact the reporter on this story: staff.writers@wallstcheatsheet.com To contact the editor responsible for this story: editors@wallstcheatsheet.com

Yahoo Finance, Harvard Business Review, Market Watch, The Wall St. Journal, Financial Times, CNN Money, Fox Business