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Dow, S&P 500 hit record amid global rally

English.news.cn   2014-06-10 07:33:45

NEW YORK, June 9 (Xinhua) -- U.S. stocks continued to move up Monday, pushing the Dow Jones Industrial Average and the S&P 500 to uncharted territory again, as stocks around the world gained on upbeat data out of China and Japan.

Following an across-the-broad advance in global market Monday, Wall Street kept its recent upward trend which had helped major indices rewrite record book repeatedly in the past few weeks.

The blue-chip Dow and the broader S&P 500 hit fresh record intraday highs of 16,970.17 points and 1,955.55 points in the morning session respectively, after both set all-time highs last Friday.

The record rally came out largely due to bullish sentiment from investors who are increasingly believing that the world's biggest economy is regaining momentum after dipping into a contraction in the first quarter of 2014 related to an abnormal cold weather.

Better-than-expected economic data outside the United States in the day also provided upside jolts to the U.S. equity market.

China's exports jumped 7 percent year on year in May following a 0.9-percent increase in April and sharp declines in March and February, while imports fell 1.6 percent in May, China's customs data showed on Sunday.

Moreover, the Japanese economy expanded at an annualized rate of 6.7 percent during the first quarter of this year in inflation- adjusted terms, up from an initial reading of 5.9 percent released in May, the Japanese government said Monday.

Jubilant merger and acquisition activity also contributed to boosting the stocks' upward steam.

Idenix Pharmaceuticals Inc. saw its shares skyrocket 232.92 percent to trade at 24.07 U.S. dollars apiece in midday after U.S. drug maker Merck & Co. Inc. said it will acquire Idenix for 24.50 dollars per share in cash, which values the purchase at approximately 3.85 billion dollars.

Apple shares increased 0.97 percent to 93.12 dollars per share at noon, on the first day of the tech giant's 7-for-1 stock split. The company's shares closed at 645.57 dollars a share last Friday. The stock split is expected to attract more investors to buy its shares.

In midday, the Dow rose 39.05 points, or 0.23 percent, to 16, 963.33. The broader S&P 500 was up 5.35 points, or 0.27 percent, to 1,954.79. The Nasdaq Composite Index added 23.75 points, or 0. 55 percent, to 4,345.14.

Editor: Mengjie
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