Stocks continue higher, S&P notches sixth straight weekly gain


Stocks continued to grind higher, with the S&P 500 posting its sixth straight weekly gain, as the thought of continued Fed stimulus outweighs soft economic reports (I, II).

Energy and materials led broad gains that included all 10 of the S&P's major industry groups.

Some big numbers are now within close reach: The Dow climbed above 15,900 for the first time ever and now sits just 40 points from 16,000, the S&P is a mere two points away from 1800, and the Nasdaq is 15 points away from 4000 for the first time in 13 years.

J.P. Morgan's Thomas Lee boosted his S&P year-end target to 1825, citing improving economic momentum, valuations vs. corporate bonds, supportive monetary policy and sentiment that “is not excessively bullish.”

The 10-year Treasury fell following a two-day rally, raising the yield to 2.712%.

Crude oil futures inches higher but finished a sixth consecutive week of losses.

Comments (4)
  • al roman
    , contributor
    Comments (16966) | Send Message
     
    These young guys the other day predicted right,16,000.
    15 Nov 2013, 05:03 PM Reply Like
  • Walter P. Chrysler
    , contributor
    Comments (300) | Send Message
     
    the NASDAQ had an interday all time high of 5400...but close at 5000 on that same day. that's a jump and fall of 9 percent in just one day. again...the Fed has already pricked on bubble this summer and "man up and start buying" is always normal on Wall Street.
    15 Nov 2013, 10:15 PM Reply Like
  • RS055
    , contributor
    Comments (5375) | Send Message
     
    For those old enough to remember 1999 - do you know anyone who made and kept a lot of wealth from the hot market in 1999? Did you? If not - why not? After all , all you have to do is be fully invested in the hot stocks and ride the bull market. And get out when you see the end. Its easy.
    16 Nov 2013, 01:39 AM Reply Like
  • al roman
    , contributor
    Comments (16966) | Send Message
     
    RS055,

     

    Well said.
    16 Nov 2013, 01:59 AM Reply Like
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