S & P 500 index closed near record highs, and pushed the index above the 1,600 level. Financial stocks led Wall Street movement, after the Bank of America settlement with MBIA.
Bank of America (BAC.N) said it would settle a claim by MBIA (MBI.N) of $ 1, 6 billion, lifting the S & P financial sector ?? While MBIA shares surged 45.4 percent to USD14, 29, and shares of Bank of America rose 5.2 percent to USD12, 88.
"As long as you continue to have decent earnings reports, and support from the world's central banks to provide liquidity, it would be difficult to derail this market, at least in the short term," said director of equity trading at Wedbush Securities, Michael James, as quoted by Reuters, Tuesday (05/07/2013).
Shares of Apple (AAPL.O) also were among the top gainers after Barclays raised its price target on the stock. Apple's stock jumped 2.4 percent to USD460, 71, led the benchmark index rising on both the Nasdaq and the S & P 500.
The Dow Jones Industrial Average (DJI) fell 5.07 points, or 0.03 percent, to 14968.89. However, Standard & Poor's 500 indexhttp://shatirahshukri.blogspot.com/2013/05/s-p-500-index-closed-near-record-highs.html (SPX) edged up 3.08 points, or 0.19 percent, to 1617.50, and the Nasdaq Composite Index (IXIC) was up 14.34 points, or 0.42 percent, to 3392.97.
Trading volume occurred about 5.3 billion shares traded on the New York Stock Exchange, Nasdaq and NYSE MKT, below the closing volume daily average around 6.4 billion this year.