New York hits 11,000 on higher earnings forecasts
The Dow industrials closed above 11,000 for the first time in almost 19 months yesterday as expectations of solid first-quarter earnings spurred buying in financial, energy and industrial sectors.
Even so, some investors said stock prices already reflect lofty expectations for first-quarter results, with both the Dow and the S&P 500 near 19-month highs.
“People fully expect that the earnings season is going to be very, very good, so people are trying to get in front of that,” said Stephen Massocca, managing director of Wedbush Morgan in San Francisco.
The Dow Jones industrial average rose 8.62 points, or 0.08 per cent, to 11,005.97 – its highest close since September 2008. The Standard & Poor’s 500 Index climbed 2.11 points, or 0.18 per cent, to 1,196.48. The Nasdaq Composite Index added 3.82 points, or 0.16 per cent, to 2,457.87.