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Photo: Flickr via carf

Stocks continued to head higher.First the scoreboard:

Dow: 13,779, +67.1, +0.4 per cent
S&P 500: 1,494, +2.2, +0.1 per cent
NASDAQ: 3,153, +10.4, +0.3 per cent

And now the top stories:

  • The Dow and S&P 500 are closing in on their all-time highs.  On October 9, 2007, the Dow closed at 14,164.  The S&P 500 closed at 1,565 on that same day.
  • The fundamental analysts continue to argue that valuations are attractive and a tailwind of economic growth will send stocks to their all-time highs before the year’s over.
  • The technical analysts, or the chartists, are also jumping on board. Dow theorists in particular have turned bullish.  The “Dow Theory” says that Dow Jones Industrial Average and Dow Transportation Average dictate which way the market will move. But they must be moving in tandem to draw any conclusions about market conditions. If one is making a new high, while the other is not doing well, you should be sceptical of the durability of the rally.  And recently, the Dow Transports confirmed the Dow Jones.
  • As expected, the House of Representatives passed the debt ceiling bill, which suspends the debt ceiling until May 18.  The bill now heads to the Senate, where Democrats have indicated it will pass.
  • We’re still in the midst of earnings season.  This afternoon, Apple and Netflix will announce their Q4 financial results.  Follow the releases live at Business Insider.
  • Don’t Miss: What Happened To Markets The Last 15 Times The Fed Tightened…

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