Dow Jones Trading at Fresh All-Time High
05-Mar-13 13:00 ET
[BRIEFING.COM] Equities are trading near their highs after today's session got off to a running start. The cash session open saw a broad-based surge, which has propelled the Dow Jones Industrial Average to a fresh all-time high of 14,286.37. At midday, the blue chip index is up 1.0%.
Today's rally is led by sectors which underperformed during yesterday's trade. Financials, industrials, and technology are all seeing gains of at least 1.0%.
The financial sector continues to outperform even as the space has slipped off its highs in recent trade. American Express (AXP 64.13, +1.24) is the top advancer among the majors, and the SPDR Financial Select Sector ETF (XLF 17.99, +0.21) sports a gain of 1.1%.
The relative strength of the industrial sector is largely due to outperformance of stocks which comprise the Dow Jones Transportation Average. Similar to the Dow, the Transportation Average notched its own all-time high amid notable outperformance from truckers. Con-way (CNW 35.95, +1.24) and Ryder System (R 57.31, +1.73) are both up near 3.0%.
Elsewhere, technology stocks are being supported by chipmakers. The PHLX Semiconductor Index trades higher by 1.9% with Applied Materials (AMAT 13.73, +0.16) and Qualcomm (QCOM 67.84, +1.21) contributing to the strength after both hiked their quarterly dividends.
Today's economic data was limited to the February ISM Services Index, which increased from 55.2 in January to 56.0 in February. Today's reading was ahead of the Briefing.com consensus, and put the index at its highest level since February 2012.
Business activity growth was essentially flat as the respective index increased a modest 0.5 points to 56.9 in February. However, the report did not signal impending weakness in the services sector.