Reuters - Video

EDITION: U.S. | U.K. | IN

Business

Fed powers Wall St to new records

Wednesday, Apr 10, 2013 - 02:22

April 10 - Summary of business headlines: Dow, S&P 500 rally to record peaks as Fed minutes show policymakers won't alter stimulus until jobs recover; Facebook and General Motors advertising buddies again; Hospital stocks tumble after warning; Gold slumps as Cyprus dumps. Conway G. Gittens reports.

▲ Hide Transcript

View Transcript

A new milestone for the S&P 500 and the Dow as financials and technology lead a solid Wall Street rally. The Dow enjoyed a triple-digit surge to a record close of 14,802. The S&P 500 closed at the historic peak of 15-87-73, and the tech heavy Nasdaq surged to a 12-year high. Traders point to the early release of minutes from the Federal Reserve's March meeting for Wednesday's rally. While there was debate over an exit strategy from the Fed's 85-billion-dollar-a-month bond buying program, the committee continue to pin that exit on a stronger labor market, and with the latest employment report nothing to get excited about - investors bet Fed chief Ben Bernanke won't be ending that strategy anytime soon. The Fed is keeping a bid under this market and Ryan Detrick of Schaeffer's Investment Research is keeping his bullish stance. He says that charts, dating back to 1972, show a historical pattern of what happens the first time the S&P 500 hits a new all-time high in a calendar year. SOUNDBITE: RYAN DETRICK, SENIOR TECHNICAL STRATEGIST, SCHAEFFER'S INVESTMENT RESEARCH (ENGLISH) SAYING: "What I'm saying is when we make new highs the market actually does better one month, three months, six months, twelve months later making a new high. People say 'a new high, we are going to pullback'. Well the data we just looked at says - maybe not. '07 was a peak and then we crashed. We know that -made a new high and then we crashed - but if you look at the other new highs before '07 it's actually a bullish time frame." Facebook rallied after General Motors says it will once again run ads on the social network, focusing on mobile users. The return came on the same day Facebook was set to launch a new tool that will better help advertisers target ads on the social network by using data provided by third party marketers. Shares of Facebook - jumping less than 4 percent amid signs of progress in its mobile strategy. Hospital stocks, however, were unhealthy for the bulls. Health Management Associates lowered its outlook for the year. Patient admissions are not living up to expectations despite changes in health care laws. On to Europe now, Cyprus is planning to dump 400 million euros worth of gold onto the market in order to finance its bailout. Banner day though for stocks. Germany surged more than 2 percent. France rallied 2 percent. London gained more than 1 percent.

Fed powers Wall St to new records

Wednesday, Apr 10, 2013 - 02:22

Top News »

Investing 201 »

Arian Foster = BlackBerry? Arian Foster = BlackBerry?

Fri, Oct 25, 2013 - (3:16)

Don’t miss these red flags for IPOs Don’t miss these red flags for IPOs

Thu, Oct 10, 2013 - (2:34)

Copycat currency trading Copycat currency trading

Wed, Oct 02, 2013 - (2:28)

When to dump a winner When to dump a winner

Tue, Sep 24, 2013 - (1:55)

Where gold might again attract Jim Rogers Where gold might again attract Jim Rogers

Thu, Sep 19, 2013 - (2:05)

Why savings interest rates won't budge Why savings interest rates won't budge

Fri, Sep 13, 2013 - (2:09)

Buy local? ETFs try the trend Buy local? ETFs try the trend

Thu, Sep 05, 2013 - (2:42)

The better bond funds The better bond funds

Wed, Aug 07, 2013 - (2:40)

Best bargain in 40 years? European stocks Best bargain in 40 years? European stocks

Thu, Aug 01, 2013 - (2:24)

Invest like an activist Invest like an activist

Fri, Jul 26, 2013 - (2:49)

Money Clip »

3 things to do before disaster strikes 3 things to do before disaster strikes

Wed, Sep 18, 2013 - (1:39)

Your must-do money list Your must-do money list

Wed, Sep 11, 2013 - (1:24)

The worst "best" financial advice The worst "best" financial advice

Wed, Sep 04, 2013 - (1:42)

Forget gold: The case for REITs Forget gold: The case for REITs

Fri, Apr 26, 2013 - (1:19)

3 rules for buying a house now 3 rules for buying a house now

Thu, Apr 18, 2013 - (1:39)

“Stalking” your dream home - Money Clip “Stalking” your dream home - Money Clip

Wed, Mar 27, 2013 - (2:50)

3 hidden tax deductions - Money Clip 3 hidden tax deductions - Money Clip

Thu, Mar 21, 2013 - (1:33)

Reuters Investigates »

Re-homing victim: "I could have been dead" Re-homing victim: "I could have been dead"

Wed, Feb 19, 2014 - (8:24)

Cops and loggers in the Amazon rainforest Cops and loggers in the Amazon rainforest

Fri, Jan 10, 2014 - (4:01)

"Passed around like a dog" "Passed around like a dog"

Thu, Aug 29, 2013 - (6:32)

Adopted, then abandoned online Adopted, then abandoned online

Thu, Aug 29, 2013 - (13:21)

How the DEA keeps its secrets secret How the DEA keeps its secrets secret

Mon, Aug 05, 2013 - (1:36)

How education lost its role as the great equalizer - Reuters Investigates How education lost its role as the great...

Mon, Dec 17, 2012 - (7:52)

Jihad Jane: From abused child to American jihadist - Reuters Investigates Jihad Jane: From abused child to American...

Sat, Dec 08, 2012 - (10:01)

Jihad Jane: The order to kill - Reuters Investigates Jihad Jane: The order to kill - Reuters...

Sun, Dec 09, 2012 - (10:39)

Moving Pictures »

Still missing – MH370 Still missing – MH370

Fri, Sep 05, 2014 - (2:05)

Images of August Images of August

Fri, Aug 29, 2014 - (1:00)

Burning Together Burning Together

Mon, Sep 01, 2014 - (2:23)

Mending dolls, teddies and hearts Mending dolls, teddies and hearts

Fri, Aug 22, 2014 - (3:12)

"Old timers" sail the Chesapeake Bay "Old timers" sail the Chesapeake Bay

Mon, Aug 11, 2014 - (2:27)

Burned memories Burned memories

Fri, Aug 08, 2014 - (3:02)

Images of July Images of July

Thu, Jul 31, 2014 - (1:20)

World Cup: passion on the pitch World Cup: passion on the pitch

Fri, Jul 11, 2014 - (1:00)

A refugee in America gives back A refugee in America gives back

Wed, Jul 02, 2014 - (3:25)

A long search for refuge A long search for refuge

Fri, Jun 20, 2014 - (3:04)