Dow, S&P close at new highs; Exxon Mobil leads Dow

NEW YORK Fri Nov 15, 2013 4:33pm EST

1 of 4. Traders work on the floor of the New York Stock Exchange, November 14, 2013.

Credit: Reuters/Brendan McDermid

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NEW YORK (Reuters) - The Dow and the S&P 500 hit new highs on Friday for a sixth straight week of gains, as investors continued to take cues from Federal Reserve Chair nominee Janet Yellen, who told a Senate Committee it was too early to end the central bank's stimulus.

Shares of Exxon Mobil Corp (XOM.N) led the blue chip Dow index higher. They rose 2.2 percent to $95.27 a day after Warren Buffett's Berkshire Hathaway Inc (BRKa.N) (BRKb.N) disclosed a new $3.45 billion stake in the second-largest U.S. company by market value, behind only Apple Inc [ID:nL2N0IZ2HD]

Both the S&P and Dow capped a fourth straight day of gains and the S&P 500 finished within two points of 1,800, as investor confidence in the market remained high.

"I think there is a general expectation that the market is going to continue to rally for the rest of the year," said Brad McMillan, chief investment officer for Commonwealth Financial, based in Waltham, Massachusetts.

"Retail investors are starting to move back in and I think that's providing a fair amount of support."

Toward the end of the year, fund managers who are trailing their benchmarks may help boost stocks as they chase performance.

"I think it's going to be a slow grind up," said Dan Veru, chief investment officer at Palisade Capital Management, adding that the only thing "that can derail this is some exogenous macroeconomic event that comes out of nowhere."

The Dow Jones industrial average .DJI was up 85.48 points, or 0.54 percent, at 15,961.70. The Standard & Poor's 500 Index .SPX was up 7.56 points, or 0.42 percent, at 1,798.18. The Nasdaq Composite Index .IXIC was up 13.23 points, or 0.33 percent, at 3,985.97.

A number of big hedge funds disclosed they took positions in ailing department store J.C. Penney Co (JCP.N), sending its shares up 3.9 percent to $9.03.

FedEx Corp (FDX.N) shares added 1.6 percent to $138.65 after filings showed Daniel Loeb's Third Point LLC, George Soros' Soros Fund Management LLC and John Paulson's Paulson & Co all took stakes in the company.

Shares of Electronic Arts Inc (EA.O) fell 7.3 percent to $24.06 a share. Omega Advisors, owned by billionaire Leon Cooperman, said in a Thursday filing it had dissolved its stake of 750,000 shares in the video game publisher.

InterCloud Systems Inc (ICLD.O) shares surged 271 percent to $9.46 after the cloud computing and consulting services company said its quarterly revenue rose five-fold to $16.2 million.

Data showed New York state's manufacturing sector unexpectedly shrank this month while U.S. industrial production fell in October as output at power plants and mines declined.

(Editing by Bernadette Baum and Nick Zieminski)

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Comments (3)
boatsmith wrote:
Over a trillion dollars per year and we cannot support the poorest of our population with less than .4 of a percent of that amount for food stamps. We have truly sunk to a new low.

Nov 14, 2013 8:51pm EST  --  Report as abuse
Afrodo wrote:
Cisco loses $14 billion, after the earnings news; small potatoes for wall street. I expect more earnings surprises.
~~~~~~~~~~~~~~
Statistic on today’s record numbers:
~Volume, compared with last two Thursdays, 50% smaller today.
~Of all 3 major stock markets, new yearly highs amounted to 6.4% of all stocks.
~ So we are now 6.4% away from the top of the pyramid.

Nov 14, 2013 8:57pm EST  --  Report as abuse
TheseusRex wrote:
The Bernanke bubble is swellin’ with Yellen; when this baby bursts both the dollar and the DJIA will go down like the Hindenburg.

Nov 15, 2013 3:00pm EST  --  Report as abuse
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