Wednesday, 15 May 2013

S&P 500 hits another record high

The S&P 500 made another record high on Tuesday in a somewhat more decisive manner than on Monday. The S&P 500 rose 1.0 percent to 1650.34, its eighth record in nine days.

In Europe, improved market conditions has allowed European governments to go back to markets to raise funds. Spain sold one-year bills on Tuesday at a yield below 1 percent for the first time since April 2010. The Netherlands sold five-year notes at a record-low yield of 0.611 percent on Tuesday.

Better economic data from the euro area on Tuesday helped. The ZEW index of German investor confidence edged up to 36.4 in May from 36.3 in April. Industrial production in the 17-nation euro region rose 1 percent in March from February.

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