MARKET SNAPSHOT: U.S. Stocks Climb; S&P 500 Tops 1,400

Date : 08/07/2012 @ 11:30AM
Source : Dow Jones News
Stock : Chesapeake Energy Corp. (CHK)
Quote : 4.66  0.0 (0.00%) @ 4:00AM

MARKET SNAPSHOT: U.S. Stocks Climb; S&P 500 Tops 1,400

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By Kate Gibson, MarketWatch

NEW YORK (MarketWatch) -- U.S. stocks rose on Tuesday, with the S&P 500 index surpassing 1,400 for the first time in three months, on thinking global central banks were ready to act to bolster growth.

"I'm shocked that this market has continued to push higher after the huge move we had last week. It could be this final statement by [European Central Bank President Mario] Draghi. The immediate reaction was subdued, and it took time for people to digest, but it takes out prospects of a calamity," said Randy Frederick, managing director of active trading and derivatives at Charles Swab.

The Dow Jones Industrial Average (DJI) rose 65.77 points, or 0.5%, to 13,183.2, with 24 of its 30 components rising.

Blue-chip decliners included Pfizer Inc. (PFE) and Johnson & Johnson (JNJ) , which halted most efforts at devising an Alzheimer's drug following a second trial failure.

The S&P 500 index (SPX) added 8.65 points, or 0.6%, to 1,402.88, with energy pacing the gains that had the index surpassing 1,400 for the first time since early May.

A close above 1,405 would be notable, given that's where the index closed on May 1, and "we haven't been there since," said Frederick.

"If we close above 1,405, then we're going to head higher and take out the yearly closing high of 1,419," he added of the level reached on April 2.

The Nasdaq Composite (RIXF) climbed 23.18 points, or 0.8%, to 3,013.09.

For every stock falling more than two advanced on the New York Stock Exchange, where composite volume topped 1.1 billion as of 11 a.m. Eastern time. Nasdaq composite volume neared 577 million.

Fossil Inc. (FOSL) shares rallied after the accessories maker projected 2012 adjusted profit above expectations.

Chesapeake Energy Corp. (CHK) also gained after the natural-gas supplier hiked its production forecast.

Federal Reserve Bank of Boston President Eric Rosengren said in an interview the Fed should purchase more bonds. On Monday, a spokesperson for German Chancellor Angela Merkel voiced support for an ECB bond-purchasing plan.

"Our Fed is in a holding pattern," said Frederick, who believes Friday's nonfarm payrolls report lessened chances of a third round of quantitative easing by the Fed, at least in the near term.

"But Bernanke, like Draghi, has said, 'we're only going to let things deteriorate so far before we step in. So we're in a sideways holding pattern, which isn't necessarily a bad thing for the market," Frederick said.

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