Wall Street jumps; Nasdaq near 12-year high
By Caroline Valetkevitch | February 9, 2013 7:35 AM EST
Stocks climbed on Friday, pushing the S&P 500 to a fresh five-year high and putting the Nasdaq within a hair of a 12-year intraday high, following a batch of encouraging domestic and international economic reports.
"That may have sent a ray of optimism," said Fred Dickson, chief market strategist at D.A. Davidson & Co in Lake Oswego, Oregon.
The technology sector led the day's gains, with the S&P 500 technology index <.SPLRCT> up 1 percent. Gains in LinkedIn Corp
The benchmark S&P 500 <.SPX>, up more than 6 percent for the year, is on track for six straight weeks of gains for the first time since August 2012.
But an advance has been tougher in recent days as investors await strong trading incentives to drive the index further upward.
"I think we're in the middle of a trading range and I'd put plus or minus 5 percent around it. Fundamental factors are best described as neutral," Dickson said.
The Dow Jones industrial average <.DJI> was up 40.94 points, or 0.29 percent, at 13,984.99. The Standard & Poor's 500 Index <.SPX> was up 7.72 points, or 0.51 percent, at 1,517.11. The Nasdaq Composite Index <.IXIC> was up 27.94 points, or 0.88 percent, at 3,193.08.
The Nasdaq was just 3 points shy of its highest level since November 2000.
Shares of LinkedIn jumped 21.1 percent to $150.31 after announcing quarterly profits and giving a bullish forecast for the year.
The CBOE Volatility index <.VIX>, Wall Street's so-called fear gauge, was down 4.2 percent at 12.94. The gauge, a key measure of market expectations of short-term volatility, generally moves inversely to the S&P 500.
"I'm watching the 14 level closely" on the CBOE Volatility index, said Bryan Sapp, senior trading analyst at Schaeffer's Investment Research. "The break below it at the beginning of the year signaled the sharp rally in January, and a rally back above it could be a sign to exercise some caution."
Data showed Chinese exports grew more than expected in January, while imports climbed 28.8 percent, highlighting robust domestic demand, while German data showed a 2012 surplus that was the nation's second highest in more than 60 years, an indication of the underlying strength of Europe's biggest economy.
Separately, U.S. economic data showed the trade deficit shrank in December to $38.5 billion, its narrowest in nearly three years, indicating the economy did much better in the fourth quarter than initially estimated.
(Additional reporting by Angela Moon; Editing by Bernadette Baum and Nick Zieminski)
Most Popular Slideshows
- Typhoon Rammasun Claims 18 Lives in China, Incurs $4.32B Losses (PHOTOS)
- Ellen DeGeneres Caught Cheating with Mutual Friend Before Portia de Rossi’s Rehab – Reports [PHOTOS]
- Selena Gomez Turns 22 Today, Celebrates Early without Justin Bieber: Top 12 Interesting Facts About the Singer [SEE PHOTOS]
- Photos from the Crash Site of Malaysia Airlines MH17 In Ukraine
Join the Conversation
- Fresh Leak Hints iPhone 6 Price and Release Date; 4.7-Inches iPhone 6 Sapphire Display Scratched in Test; New Spigen Cases Out
- iPhone 6 2014 Release Date Very Soon as Apple Orders 120M New iPhones from Foxconn – Report
- Google Nexus 6 on Release Date Will Sport 2K Display Panel & Lower Price Tag – Report
- Motorola Moto G Vs. Xiaomi Mi3 – Low in Price, High -level Features
- FCC Approves Sony Xperia Z3 for U.S. Market
- Killer Xiaomi Mi4 at $369 Likely to Come With 5.0-Inch Display, Snapdragon 801 Processor, 3GB RAM and More
- End of Times Indicators: Japan’s Mount Fuji in ‘Critical State’ to Erupt, Could Affect At Least 1.2M People