The bullish stock market continued to expand as both the Dow Jones Industrial Average and the S&P 500 Index closed at record highs on May 7, 2013. The Dow closed above 15000 for the first time in it's history, the S&P closed at 1,625.96, extending a run of gains since the index's low in November 2012.
"People are concerned they're missing the boat if they're not fully invested in the stock market right now," said chief investment officer of North Star Investment Management Corp., Eric Kuby, reports Reuters.
Stronger than expected jobs numbers last week combined with on strong corporate results and stimulus oriented monetary policies from the Federal Reserve have pushed stock market gains as the economy continues to recover. Unexpectedly stable results in European and Asian markets also buoyed strong activity on Wall Street.
JP Morgan-Chase and Caterpillar led growth on their respective stock indexes. Caterpillar was the top percentage gainer on the Dow as it increased 2.5 percent to $89.79. JP Morgan Chase at $49.14 per share was up 2 percent at by the close of business, reports Reuters. Out of step with the day of gains was Apple, which saw three consecutive days of increases come to an end as the S&P Technology Index dropped 0.2 percent.