Posted by: youngragingbull | February 27, 2013

U.S. stocks surge to 2013 high

U.S. stocks surged for a second day as another positive reading on the housing market and comments from Federal Reserve Chairman Ben Bernanke helped send the Dow Jones to its highest close of the year thus far.

The Dow Jones industrial average soared 175 points to 14,075, just 89 points shy of its record high reached in October 2007. Its two-day gain of 291 points put it back in the black for the week following a 216-point plunge on Monday. Of its 30 components, only Hewlett-Packard Co. closed lower.

The S&P 500 added 19.05 points, or 1.3%, to 1,515.99, with all 10 sectors higher. The Nasdasq Composite gained 32.61 points, or 1%, to 3,162.26.

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