• Voter paralysis

    With so much tilting voters against change, democratic reason is the loser, says Solly Moeng.

  • The power of perseverance

    True grit is a reliable predictor of who will achieve success in life, says Ian Mann.

  • It's the system

    The system sucks and it’s being used far too often as an excuse, says Mandi Smallhorne.

All data is delayed
See More

Dow, S&P 500 hit new post-crash highs

Feb 20 2013 07:45

New York - US stocks pushed higher on Tuesday, sending the Dow Jones Industrial Average and the S&P 500 to their best levels in more than five years.

US markets kept alive a rally in Europe, where shares rose in all the main exchanges helped by news of soaring investor sentiment in Germany.

Also sparking trade were reports of another possible big merger, of office supply retailers Office Depot and OfficeMax.

The Dow finished up 53.91 points at 14,035.67, its best level since October 12, 2007.

The broad-based S&P 500 rose 11.15 points to 1,530.94 - its highest level since October 31, 2007 - and the tech-rich Nasdaq Composite increased 21.56 to 3,213.59.

Fresh merger-and-acquisition reports after last week's big merger of American Airlines and US Airways, and the Berkshire Hathaway-3G Capital takeover of Heinz, gave a spark to trade.

Office Depot gained 9.4%, Office Max 20.1%, on news that they are exploring an all-stock merger, while powerful rival Staples jumped 13.1%.

Health-care shares slumped, led by Humana, after news that government-run Medicare said it would cut payments more sharply than expected to insurers for certain services.

Humana dropped 6.4%, Universal Healthcare fell 4.6%, and national Health Partners lost 5.0%.

The Dow was led by a 2.2% gain from Cisco and 2.0% advance from General Electric.

Google, despite facing a new challenge from Microsoft on the email side of the business, topped the $800 level for the first time, adding 1.8% to end at $806.84.

Bond prices slipped. The yield on the 10-year Treasury bond rose to 2.03% from 2.01% late on Friday, while the 30-year was rose to 3.20% from 3.18%. Bond prices and yields move inversely.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

wall street  |  markets


Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

We're talking about:


Debt is one of the biggest financial issues facing South Africans today. Find out how you can avoid and manage your debt with Fin24 and Debt Rescue.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Would you take out a payday loan?

Previous results · Suggest a vote