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S&P 500 closes above 1,800 for first time

November 22, 2013 • Business, National News


Robert Oswald, right, works with fellow traders work on the floor of the New York Stock Exchange Friday, Nov. 22, 2013. Stocks were mixed in early trading Friday as traders and investors lacked a catalyst to push the major indexes higher after strong gains this year. (AP Photo/Richard Drew)

The stock market brushed past another milestone on Friday.

The Standard & Poor’s 500 index closed above 1,800 for the first time, capping seven straight weeks of gains.

The broader index is on track for its best performance in 15 years as a combination of solid corporate earnings, a strengthening economy and easy-money policies from the Federal Reserve draw investors to stocks. Stocks have also gained because they offer an attractive alternative to bonds, where interest rates remain close to all-time lows.

“You can’t really get better returns other than in the stock market,” said Peter Cardillo, chief market economist at Rockwell Global Capital. “It’s been a quality run-up in stocks.”

The S&P 500 index rose 8.91 points, or 0.5 percent, to 1,804.76. The index has advanced 26.5 percent in 2013. If it finishes at that level, it would be its strongest year since a Login to read more

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