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S&P hits another record after milestone run


09:02, May 07, 2013

NEW YORK, May 6 (Xinhua) -- U.S. stocks closed mixed Monday, with the Standard & Poor's 500-stock Index refreshing a new all- time high after breaking through the level of 1,600 Friday, boosted by financial shares.

The Dow Jones Industrial Average Index inched down 5.07 points, or 0.03 percent, to 14,968.89 points. The S&P 500 edged up 3.08 points, or 0.19 percent, to 1,617.50 points. The Nasdaq Composite Index rose 14.34 points, or 0.42 percent, to 3,392.97 points.

The market gained momentum somewhat from Warren Buffett's comments on stock market. In an interview aired on CNBC Monday, Buffett said that U.S. stock indices would go "far higher" in the long run even though they had logged milestone levels. He added that stocks are now "reasonably priced" and not "ridiculously" high.

The S&P 500 closed above 1,600 points Friday and the Dow hit 15, 000 points for the first time in history, boosted by a better-than- expected jobs report.

There is a seasonal market pattern of "sell in May and go away. " If the market would not see some selling Monday and this week, the stock rally will continue on, Joseph C. Greco, managing director for trading & sales of Meridian Equity Partners, told Xinhua.

"Otherwise, I would anticipate that at some point early this month, perhaps right before option expiration, we will see some selling coming in. The question is how much magnitude of selling," said Greco.

Financials led the gains in the S&P 500 sectors.

Shares of Bank of America Corporation and of Wells Fargo rose 5. 31 percent and 0.42 percent, respectively, though Attorney General of New York State Eric T. Schneiderman on Monday announced his intention to sue the two banks for repeatedly violating the terms of a landmark mortgage settlement, according to a statement released by the New York State Office of the Attorney General.

The CBOE Volatility Index, considered the fear gauge of Wall Street, fell 1.48 percent to 12.66. There were no major economic data or notable corporate earnings released on Monday.

Trading of BMC Software Inc. shares ended flat. The company agreed to be acquired by signing a multi-billion-dollar definitive agreement with a private investor group led by Bain Capital and Golden Gate Capital, according to a joint statement released Monday.

In other markets, oil prices continued to surge Monday following Friday's rally, amid growing uncertainties in Mideast after Israel's attack on Syria. Light, sweet crude for June delivery rose 55 cents, or 0.57 percent, to settle at 96.16 U.S. dollars a barrel on the New York Mercantile Exchange. Brent for June delivery increased 1.27 dollars, or 1.22 percent, to close at 105.46 dollars a barrel.

Gold future for June delivery on the COMEX division of the New York Mercantile Exchange on Monday rallied 3.8 dollars, or 0.26 percent, to settle at 1,468 dollars per ounce on strong demand for the precious metal.

The U.S. dollar strengthened against most of major currencies Monday as investors became more optimistic with the U.S. economy after the release of the encouraging nonfarm payrolls report for April. In late New York trading, the euro dipped to 1.3078 dollars from 1.3109 dollars of the previous session.

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