Dow creates new records for second straight day

Dow creates new records for second straight day
# 07 March 2013 01:28 (UTC +04:00)

Baku-APA. U.S. stocks closed mixed Wednesday, with the Dow Jones Industrial Average setting the all- time intraday high and closing high for two days in a row, boosted by an improving U.S. hiring market, APA reports quoting Xinhua.

The blue-chip Dow gained 42.47 points, or 0.30 percent, to 14, 296.24. The broader Standard & Poor's 500-stock Index inched up 1. 67 points, or 0.11 percent, to 1,541.46, just 1.5 percent less than its historical high. The tech-rich Nasdaq Composite Index lost 1.76 points, or 0.05 percent, to 3,222.37.

The main stock indices opened higher, propelling the Dow to hit 14,300 points for the first time amid a euphoric global equity market after the Dow set all-time highs on Tuesday.

Private sector employment of the United States increased by 198, 000 jobs in February, beating the market expectation, payroll processor ADP said Wednesday. The data showed resilience in labor market despite the so-called sequester or the automatic across-the- board spending cuts.

The stocks moved higher after the Republican-controlled House passed a bill Wednesday to prevent a government shutdown when the current funding expires on March 27, while keeping in place the sequester. The legislation is scheduled to be voted by the Senate next week.

Wall Street reacted little to the Beige Book released at 2:00 p. m. ET (1900 GMT) by the Federal Reserve which provided no new contents. Reports from the twelve Federal Reserve Districts indicated that economic activity generally expanded at a modest to moderate pace since the previous Beige Book posted on Jan. 16.

New orders for U.S. manufactured goods in January decreased 2.0 percent, which were in consistent with the market expectation, following a 1.3 percent increase in the prior month, the Commerce Department reported Wednesday. Excluding transportation, a volatile item, new orders rose 1.3 percent.

In corporate news, Microsoft shares dipped 1.06 percent to 28. 05 U.S. dollars after the European Union on Wednesday fined the tech giant to the tune of 731 million dollars for failing to offer users a choice of web browser.

Shares of Verizon dropped 0.84 percent to 47.29 dollars after the broadband and telecommunications company was reportedly seeking a full control of Verizon Wireless, a joint venture,which is now owned by Verizon and British mobile operator Vodafone. shares tumbled 11.06 percent to 43.44 dollars after the Chinese Internet content company denied that it had any plans to go private.

Dell shares jumped 1.78 percent to 14.32 dollars after the Special Committee of the personal computer maker's Board of Directors announced Wednesday that the Special Committee unanimously determined that the sale of the Company would be the best alternative for stockholders.

Shares of Exxon Mobil lost 0.06 percent to 89.56 dollars after the oil and gas giant predicted Wednesday in its annual meeting that its production would decline about 1 percent this year. However, the company plans to spend 190 billion dollars on exploration and development over the next five years.

J.C. Penney shares plunged 3.68 percent to 14.41 dollars following a slip to a four-year low, as the retailer's board would reportedly consider selling the company or replacing its current chief executive officer.

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