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No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-05-13 01:36 PM
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S&P 500 finishes at five-year high on economic data`
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S&P 500 finishes at five-year high on economic data

By Chuck Mikolajczak

NEW YORK | Sat Jan 5, 2013 10:30am EST

(Reuters) - The benchmark Standard & Poor's 500 index ended at a five-year high on Friday, lifted by reports showing employers kept up a steady pace of hiring workers and the vast services sector expanded at a brisk rate.

The gains on the S&P 500 pushed the index to its highest close since December 2007 and its biggest weekly gain since December 2011.

Most of the gains came early in the holiday-shortened week, including the largest one-day rise for the index in more than a year on Wednesday after politicians struck a deal to avert the "fiscal cliff."

The Dow Jones industrial average .DJI gained 43.85 points, or 0.33 percent, to 13,435.21. The Standard & Poor's 500 Index .SPX rose 7.10 points, or 0.49 percent, to 1,466.47. The Nasdaq Composite Index .IXIC edged up 1.09 points, or 0.04 percent, to 3,101.66.


http://www.reuters.com/article/2013/01/05/us-markets-st...

Five year high? What happened to "uncertainty over the fiscal cliff is terrible for financial markets?

Every time I think I am becoming too cynical, something like this reminds me that I am way too gullible and naive. Maybe there is no such thing as "too cynical" anymore.
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