Dow Closes at an All-Time High on Profits and Service Sector Reading (JCP, HPQ)
The Dow soared past its previous record high in October 2007 on Tuesday, led by market front-runners such as Hewlett-Packard (HPQ), TripAdvisor Inc. (TRIP) and Sears Holding Corp (SHLD). The tech industry also had a good day with shares of Qualcomm (QCOM) and Apple (AAPL) jumping higher.JC Penney (JCP) on the other hand slid 10% on talks that the company may be pushing out CEO Ron Johnson. A report was released in the US stating that the services sector expanded in February to 56.0, beating prior expectations for 55.0. Euro zone ministers have reached a deal regarding Cyprus for a bailout at the end of March. Oil finished higher after three sessions of declines while the dollar trimmed losses from earlier by the close of the bell.
Word on the Street
- The Dow Jones Industrial Average finishes at an all-time high on Tuesday.
- US service industries expanded at the fastest pace in over a year in February.
- Sears (SHLD) soars on Tuesday after new CEO Lampert buys $54.96 million worth of new shares.
- Deal between Glencore International (GLEN) and Xstrata (XTA) for $25 billion faces delays in China.
- Talks of replacing CEO Ron Johnson causes shares of JC Penney Co. (JCP) to slump 10%.
- Treasurys fall and push yields on the 10-year note to 1.91% after ISM report.
- Smith & Wesson (SWHC) Q3 profit more than triples on a surge on sales.
- The Dow is back on top after surpassing its October 2007 peak, but can you breathe a sigh of relief?
- Drew Houston on why failure is not the worst outcome for a startup--its mediocrity.
Published on Mar 5, 2013By InvestorGuide Staff