A fast start to 2013 for the Dow
Stocks closed sharply higher today, reaching a five year high on the back of strong housing starts and a lower unemployment claims. About $8 billion poured into the stock market last week alone, according to according to the Investment Company Institute.
Housing starts rose by a torrid 12.1% in November, according to the Census Bureau’s report earlier today and unemployment claims also fell significantly.
The U.S. Labor Department announced that in the week ending January 12, seasonally adjusted initial claims were 335,000, a decrease of 37,000 from the previous week’s 372,000. That number is the lowest since January 2008.
The S&P 500 thus gained eight points to close at 1,480 on Thursday, the highest level since December 2007. The Dow also rose to 13,596, a gain of 84 points . The Nasdaq composite rose 18 points to 3,136.
Rising stocks outnumbered falling ones three to one on the New York Stock Exchange and volume was 3.7 billion shares.