February 24, 2012
U.S. stocks rose this week, driving the Standard & Poor’s 500 Index to the highest level since 2008, after Greece got a bailout and better-than-expected data boosted confidence in the world’s largest economy.
Energy companies surged 1.9 percent, the most among 10 S&P 500 industries, as crude oil futures exceeded $109 a barrel. Sears Holdings Corp. rallied 25 percent, the most in the S&P 500, after announcing real estate sales and a rights offering. Technology companies in the stock index advanced an eighth straight week even as Hewlett-Packard Co. tumbled 10 percent. Procter & Gamble Co. added 2.8 percent after saying it will cut 5,700 jobs.
The S&P 500 added 0.3 percent to 1,365.74, the seventh gain in the past eight weeks. It exceeded last year’s high of 1,363.61 as a 24 percent rally since October restored $3.2 trillion to American equity values. The Dow Jones Industrial Average climbed 33.08 points, or 0.3 percent, to 12,982.95. The measure exceeded 13,000 for the first time since 2008.
This article was posted: Friday, February 24, 2012 at 7:23 pm