US stocks Continue to Shoot Up

The US stocks gained momentum as news of the Congress fiscal-cliff deal delayed spending cuts and prevented a number of tax increases. Read on to find out more about the US stock market.

London, United Kingdom (prHWY.com) March 14, 2013 - As a result of the recently increasing investor equity enthusiasm in the US, its market was again pushed higher. Reaching an all-time high for three consecutive days, the Dow Jones Industrial Average increased by 33.25 points (or 0.23 per cent) at 14,329.49. Also gaining momentum is the S&P 500 which added 2.80 points, or 0.18 per cent, at 1,544.26 and the Nasdaq Composite Index gaining 9.72 points, or 0.30 per cent, at 3,232.09.

Meanwhile, bond prices continue to fall. The 10-year Treasury yield increased from 1.94 percent to 1.99 per cent and the 30-year Treasury yield rose from 3.15 per cent to 3.20 per cent.

According to the chief market analyst at Lazard Capital Markets, Art Hogan, the Dow's record run this week has caught the attention of new investors. He added that they were getting new participation with the results "dragging people in from the sidelines".

Markets were gaining from the unexpected improvement of the economy, with a report showing a weekly decline in unemployment claims. The surge also boosted hopes that the closely monitored US unemployment and payroll would end up also strong.

Some markets which showed improvement include the online industry, with Facebook earning 4.1 per cent after unveiling their new project that offers Web users a "personalised newspaper" based on their individual preference.

Dell, however, fell 0.7 per cent, as one of the top company shareholders, activist investor Carl Icahn, joined the protest against founder Michael Dell's plan to privatise the company.

The retail industry was stable with Gap gaining 4.1 per cent due to the clothing retailer's better same-store sales from a year ago and Pet Smart falling 6.60 per cent behind since missing the 2013 analyst predictions.

Logistics were in good condition as Boeing books 27 jets for their 2013 net orders which gained them 2.5 per cent in stocks. Navistar also experienced improvement after a report of the company's lower quarterly loss and promotion of former GM executive Troy Clarke. The truck maker gained 27.8 per cent recently.

Time Warner also rose 2.4 per cent after reports of a spin off of their iconic magazine group, Time Inc.

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