Real-Time Quote
US News
Page 1 of 5 | Next Page
Show Entire Article

S&P Passes 1,400; Bank Stocks Lead Rally
CNBC.com | March 15, 2012 | 04:02 PM EDT

The Standard & Poor's 500 cracked the 1,400 barrier for the first time in nearly four years as the stock market continued its incremental but consistent push higher.

It was the first time the S&P closed above 1,400, the Nasdaq above 3,000 and the Dow better than 13,000 in market history.

Led by financials, stocks put together their seventh-consecutive winning day despite marginal weakness in some defensive names.

Applegarnered its own barrier-breaking headlines earlier in the session, nicking the $600 level for the first time, though it later receded and actually ended up negative for the day. The drop came after Deutsche Bank removed the stock from its conviction buy list.

But it was an otherwise ho-hum trading day as volume stayed low and conviction remained weak.

Market volume has been anemic for weeks, and some expect trading to stay that way for some time.

"Many people have observed the lowly volumes accompanying the latest run-up in the equity markets," said Andrew Wilkinson, chief economic strategist at Miller Tabak in New York. "Times have changed and participation is simply lower."

Of the 10 Standard & Poor's 500 sectors, only utilities posted negative numbers for the day, and even then only slightly. Financials gained 1.8 percent while industrials rose 1.2 percent.

Page 1 of 5 | Next Page
Show Entire Article
Real-Time Quote
omniture pixel