STOCK MARKET HOT STREAK CONTINUES: Here's What You Need To Know

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.
  • Don’t Miss: John Deere’s Outlook For Commodity Prices Is Getting Dimmer >

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