S&P 500 reaches further into record territory - KSWO, Lawton, OK- Wichita Falls, TX: News, Weather, Sports. ABC, 24/7, Telemundo -

S&P 500 reaches further into record territory

By KEN SWEET
AP Markets Writer

NEW YORK (AP) - Stocks moved solidly higher Friday, pushing the Standard & Poor's 500 index further into record territory, as investors focused on a report of surprisingly strong growth in manufacturing in the Midwest.

KEEPING SCORE: The S&P 500 rose 12 points, or 0.7 percent, to 1,867 as of 12:15 p.m. Eastern. The Dow Jones industrial average rose 114 points, or 0.7 percent, to 16,387 and the Nasdaq composite rose 18 points, or 0.4 percent, to 4,337.

EARNINGS JOLT: Monster Beverage jumped 4 percent, the most in the S&P 500 index, after the company reported higher sales of its energy drinks in the fourth quarter despite legal attacks alleging that the company's products cause health risks.

WARM SPOT: Manufacturing in the Chicago area rose in February more than economists had forecast. The Institute for Supply Management's regional index for the Midwest rose to 59.8 from 59.6 in January. Economists had expected a decline because of the winter storms that have hit much of the Eastern part of the U.S. in the past several weeks.

SLOWER GROWTH: The U.S. economy grew at a 2.4 percent annual rate in the October-December quarter, significantly slower than first thought, the government reported Friday. The reduced figure reflected slower consumer spending than what was initially estimated. The Commerce Department had estimated earlier that the economy grew at a 3.2 percent annual rate in the period.

PLAYING HARD TO GET: The drama between men's clothiers Jos. A. Bank and Men's Wearhouse continued. Jos. A. Bank rejected the $1.78 billion offer by Men's Wearhouse, but said it's willing to meet with Men's Wearhouse to discuss a higher offer. Jos. A. Bank rose $1.40, or 2 percent, to $61.70 and Men's Wearhouse rose $3.34, or 7 percent, to $53.76.

REBOUND FEBRUARY: After a 3.6 percent loss in January, the S&P 500 is up 4 percent this month, its best month since October 2013. The index closed at an all-time high of 1,854.29 on Thursday. It's up almost 1 percent for the year.

BONDS AND COMMODITIES: Bond prices fell. The yield on the 10-year Treasury note increased to 2.68 percent from 2.64 percent late Thursday. Crude oil rose 16 cents to $102.57 a barrel and gold decreased $6.90 to $1,324.90 an ounce.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • Local NewsNewsMore>>

  • Tillerson softens US stance on possible talks with NKorea

    Tillerson softens US stance on possible talks with NKorea

    Tuesday, December 12 2017 5:33 PM EST2017-12-12 22:33:51 GMT
    Wednesday, December 13 2017 8:06 AM EST2017-12-13 13:06:41 GMT

    Secretary of State Rex Tillerson says the U.S. has discussed with China about how North Korea's nuclear weapons might be secured in case of instability in the reclusive nation.

    Secretary of State Rex Tillerson says the U.S. has discussed with China about how North Korea's nuclear weapons might be secured in case of instability in the reclusive nation.

  • Would-be suicide bomber in New York City faces court hearing

    Would-be suicide bomber in New York City faces court hearing

    Wednesday, December 13 2017 12:36 AM EST2017-12-13 05:36:50 GMT
    Wednesday, December 13 2017 8:06 AM EST2017-12-13 13:06:14 GMT

    A Bangladeshi immigrant is expected to appear before a federal magistrate to face terrorism charges accusing him of setting off an explosive strapped to his body in a New York City transportation hub.

    A Bangladeshi immigrant is expected to appear before a federal magistrate to face terrorism charges accusing him of setting off an explosive strapped to his body in a New York City transportation hub.

  • Tax package would lower top tax rate for wealthy Americans

    Tax package would lower top tax rate for wealthy Americans

    Tuesday, December 12 2017 3:44 AM EST2017-12-12 08:44:43 GMT
    Wednesday, December 13 2017 8:04 AM EST2017-12-13 13:04:29 GMT

    Public polling shows many Americans are unhappy with the proposal. The separate bills recently passed by the House and Senate combine steep tax cuts for corporations with more modest reductions for most individuals.

    Public polling shows many Americans are unhappy with the proposal. The separate bills recently passed by the House and Senate combine steep tax cuts for corporations with more modest reductions for most individuals.

Powered by Frankly