Stocks

U.S. stocks climb, Nasdaq tops 5,000 points

2015-03-02 22:20:16 GMT (Economies.com)

U.S. stocks closed at record high at the first trading session in March, following stellar gains in February, on expectations the Fed will raise interest rates later in the year.

 

Data released on Monday showed that consumer spending in the world’s biggest economy rose 0.3 percent in January from a 0.1 percent fall the prior month.

 

Nonetheless, another report signaled that U.S. manufacturing growth slowed last month to its lowest level in 13 months.

 

Although the Fed will hike interest rate sometime this year, the stimulus plans announced by other major central banks, and the strong corporate earnings may help U.S. equities to resume their rally.

 

The NASDAQ composite index was up 0.7% at 5008.10 points, marking a new record high, as it surpassed the 5,000-point barrier for the first time in 15 years.

 

Standard & Poor's 500 gained 0.6% to close at an all-time high of 2117.40. The Dow Jones industrial average added 0.86% to 18,288.60.

 

It is worthwhile to mention that the S&P 500 soared 5.5 percent in February, while the Dow edged up 5.6 percent.

 

In general, U.S. indices remain trading in the general upside trend, which has started since hitting records low in 2009 on the back of the global financial crisis.

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