Friday, 29 March 2013

S&P 500 hits record high amid mixed economic data

The S&P 500 finally closed at a record high after it rose 0.4 percent on Thursday to hit 1,569.19.

The new high came despite mixed US economic reports on Thursday.

US fourth quarter GDP growth was revised up to 0.4 percent from 0.1 percent.

However, initial claims for unemployment benefits increased 16,000 to 357,000 last week. The four-week moving average rose 2,250 to 343,000.

The Institute for Supply Management-Chicago's business index fell to 52.4 in March from 56.8 in February.

There were also mixed economic data from Europe on Thursday.

In the euro area, loans to the private sector fell 0.9 percent in February from a year earlier, the same rate as in January. The rate of growth in M3 money supply fell to 3.1 percent in February from 3.5 percent in January.

In Germany, retail sales rose 0.4 percent in February but unemployment increased by 13,000 in March.

In the UK, services sector output increased 0.3 percent in January and house prices rose 0.8 percent in March from the previous year but consumer confidence remained unchanged this month from February.

No comments:

Post a Comment