Weeks after fears of fiscal-cliff catastrophe, stocks are well within a bull trend
San Francisco, CA -- (SBWIRE) -- 01/14/2013 -- Since the U.S. Presidential election, investors have been biting their nails over the impending “fiscal cliff”, but now investors are seeing stocks reach new bull-market heights.
Friday, the board S&P 500 stock index became the first of the three major U.S. Indexes to set a new closing high, topping previous highs set more than three months priority. It is the highest closing since December of 2007, before the crisis triggered a recession that reach depths not seen since the Great Depression.
The S&P closed at a 1466.47 mark, which is less than a point above its previous bull market closing high that was experienced September 14. On the day, the S&P was at +7 points, which is a less than 0.5%.
The gain comes from a opening-year rally for Wall Street as it cheered the last-minute tax deal reached by politicians.
For the week, the S&P 500 gained an impressive 4.6%. The Dow Jones industrial saw a 3.8% week mark, while the Nasdaq experienced a 4.8% increase.
The small- to medium-size business board-based index, Wilshire 5000, has more than doubled since the lows of the post-2007 recession. The index has seen a 125.27% increase ($10.3 trillion) since 2009.
The Dow Jones industrial average gained a 0.3% for the day, up 44 points at near 13,435. The Nasdaq remained consistent at and up of 0.05%.
Stocks began the rallying last week with hopes of a new tax deal spurring it on. Stocks had taken a sharp fall in November following election worries and the automatic increases to taxes and cuts in spending that would occur with a looming financial cliff. Since the November faltering, the S&P has seen a 8.4% increase.
The top stocks of the week were Avon (AVP) up 15.1%, GenWorth (GNW) 14.7%, Advanced Micro Devices (AMD) 13.6% and Micron Technology (MU) 13.5%.
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