Thread: S&P 500 tops 1,900 for first time

S&P 500 tops 1,900 for first time

By Matt Egan @mattmegan5 May 13, 2014: 11:25 AM ET

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NEW YORK (CNNMoney)

Investors who followed the "sell in May and go away" refrain have missed out on a slew of record-breaking days on Wall Street.

Today is another one.

U.S. stocks chugged higher on Tuesday, carrying the S&P 500 above the 1,900 mark for the first time ever.

The Dow Jones industrial average and the S&P 500both hit new records this morning, although they have since retreated from their earlier peaks. The Nasdaqis bouncing between small gains and losses.

The early enthusiasm in the market was muted a bit by an economic report that showed consumer spending slowed in April. Despite warmer weather in the spring, consumers didn't open up their wallets as much as Wall Street hoped. U.S. retail sales inched up just 0.1% last month, trailing forecasts for a 0.4% rise.

The government also said electronics and appliance store sales slid 2.3% last month, driving shares of Whirlpool (WHR, Fortune 500) almost 4% into the red.

Investors continue to see many power plays at the stock lovel. They guzzled down shares of Keurig Green Mountain (GMCR), which soared 7% after Coca-Cola(KO, Fortune 500) announced plans to boost its stake in the company to 16%. The move represents a vote of confidence from the world's largest beverage maker and follows an initial 10% stake acquired in February.

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Elizabeth Arden (RDEN) plummeted 16% after disclosing a 20% sales tumble and a surprise loss amid weak store traffic. The cosmetics company also tapped Goldman Sachs to explore a possible sale or other options.
Shares of DirecT (DTV, Fortune 500)ticked higher on reports that ATT, (Fortune 500) could quickly clinch a $50 billion bid to buy the satellite TV company. Rival DISH Network was (DISH, Fortune 500) among the worst performers in the Nasdaq 100, losing about 1%.


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Other Nasdaq stocks struggling in early action include Vodafone (VOD) and Whole Foods (WFM, Fortune 500).
Mergers and acquistions continue to drive a lot of the upbeat mood on Wall Street.Valeant Pharmaceuticals (VRX) signaled plans to raise its $46 billion offer to acquireAllergan (AGN, Fortune 500), which the Botox maker formally rejected on Monday.
Investors will also be focusing on developments in the pharmaceutical industry. The American drug maker Pfizer (PFE, Fortune 500) wants to buy Britain's AstraZeneca(AZN) and both CEOs will appear before a U.K. parliamentary committee to answer questions about the potential takeover.
Otherwise, the earnings front was largely quiet, but Fossil (FOSL) and Take-Two Interactive (TTWO) are on tap to report results after the closing bell.
Related: CNNMoney's Tech30
Almost all European markets were rising in morning trading amid reports that Germany's central bank supports additional stimulus measures from the European Central Bank. Germany's Dax index was making the biggest advance, up by 0.6%
In Asia, India's benchmark Mumbai Sensex index surged to a record high Tuesday after election exit polls indicated that voters will deliver a mandate to Narendra Modi and the pro-business Bharatiya Janata Party.
Most other regional markets ended with gains. The Nikkei in Japan jumped by 2%.

http://money.cnn.com/2014/05/13/inve...html?hpt=hp_t2

Dow, S&P 500 end at record highs again

Reuters

- ‎42 seconds ago‎

NEW YORK (Reuters) - The Dow and the S&P 500 eked out record closing highs again on Tuesday, while the Nasdaq resumed its recent slide, dragged down by shares of Cisco (CSCO...