S&P 500 closes above 1,900 for first time
Call it the Great Slog. Stocks are bumbling along this year after a gangbuster 2013.
The upward grind is underscored by the Standard & Poor’s 500 index, which closed above 1,900 for the first time on Friday and is up 2.8 percent for the year.
That gain compares with a 16 percent increase over the same period last year.
Other major indexes haven’t fared any better. The Dow Jones industrial average and the Nasdaq composite are barely in positive territory for 2014.
The stock market’s five-year bull run is pausing. Economic growth has fallen short of expectations, barely expanding in the first quarter after a strong finish to 2013. Investors are being more cautious while they wait for compelling evidence that growth will continue.
Karyn Cavanaugh, senior market strategist at Voya Investment Management, believes that there will be a "spring snapback," in the economy. Company earnings, already at record levels, will keep climbing and support stock prices. "There are a lot of good things going on in the market," she said.
The S&P 500 rose 8.04 points, or 0.4 percent, to close at 1,900.53. The index first rose above 1,900 during trading on May 13, but fell back to close below that level.
The Dow climbed 63.19 points, or 0.4 percent, to end at 1,606.27. The Nasdaq rose 31.47 points, or 0.8 percent, to 4,185.81.