The market refuses to sell off.
First the scoreboard:
Dow: 15,275, +60.0 pts, +0.4%
S&P 500: 1,658, +8.4 pts, +0.5%
NASDAQ: 3,471, +9.0 pts, +0.2%
And now the top stories:
- The U.S. stock markets once again closed at fresh all-time highs. And it has been a mindboggling 179 days since we’ve seen a notable pullback.
- “So far, 2013 has seen the market rally over 63% of the time,” said Art Cashin of UBS Financial Services. “Walter Murphy points out that since 1928, the S&P has averaged a 52.1% success rate. Only three years (1954, 1955 and 1995) had success rates above 60%. A 63% full year would be a new record.”
- Japan also hit a nice milestone, with the Nikkei passing 15,000 for the first time since January 4, 2008.
- Today was not without bad news. The New York Fed’s Empire State Manufacturing Survey unexpectedly fell to -1.43 from 3.05 in April. Economists were looking for a reading of 4.00. The new orders and shipments sub-components both fell into the red. This is not a great sign for activity in the northeast.
- All signs suggests inflation continues to be tame. Producer prices fell 0.7% in April from a month ago due to lower energy prices. Excluding food and energy, prices climbed by just 0.1%. Both metrics were in line with expectations.
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