Market Wrap: Stocks Continue Rally; Dow Hits New High
The bulls made a run on Wall Street today with the Dow Jones Industrial Average making a 100-point push to set a new record close - ending the day above 12,400 for the first time. CNBC’s Melissa Lee had her “Eye on the Floor” during a busy trading day.
Continued record-setting earnings from the brokerage sector helped the advance, along with good news out of the retail and computer-manufacturing sectors (there is speculation that some retailers could be buyout targets for private equity firms).
In particular – shares of Costco Wholesale spiked on news of higher net income, and computer-equipment maker Ciena rallied after reporting its first quarterly profit in five years. American Express , Honeywell and ExxonMobil all helped the blue chips move higher.
And OPEC announced it would cut output by a half million barrels starting in February. Crude prices moved higher on that news – up 2% to 62.50 per barrel.