Dow at new record, S&P 500 still shy

Written By limadu on Selasa, 12 Maret 2013 | 22.16

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NEW YORK (CNNMoney)

The Dow Jones industrial average added 30 points, or 0.2%, rising to a fresh record above 14,470.

The S&P 500 gained less than 1 point, but the benchmark index is just 0.5% below its all-time closing high set in 2007. The Nasdaq fell 0.2%.

Stocks have been supported by better-than-expected economic data and signs the Federal Reserve will keep its stimulus policies in place for some time.

But with all three major U.S. indexes up between 7% and 10% so far this year, analysts say a pullback at this stage shouldn't come as much of a surprise and should be considered healthy.

Related: The other Dow record: Dividends

Meanwhile, in the continuing saga of Washington's budget wars, House Budget Committee Chairman Paul Ryan will release his budget proposal Tuesday.

The U.S. Treasury Department will also release data on tax and revenue collection and federal spending in February later in the day.

Costco (COST, Fortune 500) shares rose after the bulk retailer announced better-than-expected earnings for its fiscal second quarter, although its revenue increase came in short of forecasts.

Yum Brands (YUM, Fortune 500) shares rose after the company -- which owns Taco Bell, KFC and Pizza Hut brands -- reported a smaller-than-expected drop in same-store sales at its China locations.

Shares of Cabela (CAB) spiked after the sporting goods retailer issued strong earnings guidance.

Best Buy (BBY, Fortune 500) shares were also higher after Goldman Sachs resumed coverage of the stock with a buy recommendation.

Urban Outfitters (URBN) shares gained even after the company reported earnings just short of analysts' forecasts for the third time in the last five quarters.

Apple (AAPL, Fortune 500) shares edged lower after a late-day spike Monday.

Related: Fear & Greed Index in extreme greed

European markets were little changed in afternoon trading, while Asian markets ended weaker. Chinese stocks fell by about 1% while Japan's Nikkei ended down 0.3%.

The dollar rose versus the British pound but fell against the euro and the Japanese yen.

Oil and gold prices gained more than 1%.

The price on the 10-year Treasury rose, pushing the yield down to 2.03%. To top of page

First Published: March 12, 2013: 9:39 AM ET


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