Confident stock market bulls ahead

first_img“The M&A activity and earnings seem to be holding up better than expected. I think you’re going to see more of this,” said Bill Dwyer, chief investment officer at MTB Investment Advisors, referring to merger and acquisition deals as well as surprisingly strong profits. The Dow rose 79.81, or 0.59 percent, to 13,556.53. The blue chips set a new trading high of 13,558.48, having crossed 13,500 for the first time Thursday. The Dow has risen in 30 of the past 36 sessions. Broader stock indicators also advanced. The Standard & Poor’s 500 index rose 10.00, or 0.66 percent, to 1,522.75, its highest level in more than six years. The index came within fewer than 5 points of its record close of 1,527.46, set in March 2000. The Nasdaq composite index rose 19.07, or 0.75 percent, to 2,558.45. While the week saw a number of mixed finishes for the major indexes, investors seemed unfazed by the mostly modest pullbacks. Bigger consolidations aren’t unusual given the string of gains seen in the past month in particular. For the week, the Dow rose 1.73 percent, its seventh straight week of gains. The recent weekly gains mark the longest streak of wins since an eight-week gain that ended in January 2004. NEW YORK – Stocks surged higher Friday as another round of corporate takeovers prodded investors to continue a largely uninterrupted months-long buying streak. The Dow Jones industrial average registered its 24th record close this year and the Standard & Poor’s 500 index came within striking distance of its record high. Beyond the buyout news, which has lent buoyancy to the markets for months, a stronger-than-expected reading on consumer sentiment helped investors set aside some concern that consumers unnerved by higher gas prices would pull back on spending and upend the economy’s smooth slowdown. The latest takeover news, including deals involving such marquee names as General Electric Co. and Microsoft Corp., signaled that the enormous amount of liquidity that has lubricated global stock markets in recent months doesn’t appear on the verge of evaporating. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img

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