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S&P 500 refreshes record highs on eurozone GDP growth, oil boost

(Xinhua)    09:15, February 14, 2015
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NEW YORK, Feb. 13 -- U.S. stocks added gains Friday, with the S&P 500 closing at a record high and the Dow Jones Industrial Average above 18,000 for the first time in 2015, buoyed by upbeat eurozone growth data and a recovery in oil prices.

The S&P 500 climbed to a new all-time high of 2,097.03 points on Friday, before closing at a record of 2096.99 points, up 8.51 points, or 0.41 percent, with the energy sector rising 1.95 percent to lead gains.

The Dow increased 46.97 points, or 0.26 percent, to 18,019.35, above the round-number mark of 18,000 points for the first time this year.

The Nasdaq Composite Index extended gains after logging its highest level since March 2000 Thursday, up 36.22 points, or 0.75 percent, to 4,893.84.

Seasonally adjusted gross domestic product (GDP) rose by 0.3 percent in the euro area during the fourth quarter of 2014, compared with the previous quarter, said the statistical office of the European Union on Friday. European equities advanced broadly on the better-than-expected economic data.

The German economy increased 0.7 percent in the fourth quarter after expanding 0.1 percent in the previous three months, while data from France showed a 0.1-percent growth.

Strengthening oil prices also provided upward jolts to the stock market. Brent crude rose above 60 dollars a barrel on Friday for the first time this year, as data showed more rigs were pulled out of oil fields in the United States this week.

Light, sweet crude for March delivery moved up 1.57 U.S. dollars to settle at 52.78 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery added 4. 47 dollars to close at 61.52 dollars a barrel.

Meanwhile, Wall Street continued to embrace the Ukraine ceasefire agreement, which boosted European and U.S. stocks Thursday. Russia President Vladimir Putin said he and leaders of France, Germany and Ukraine had agreed on the withdrawal of heavy weapons from Ukraine's frontlines and a ceasefire to begin from Feb. 15.

However, U.S. consumer sentiment came out lackluster in the day. The Thomson Reuters/University of Michigan's February reading of consumer sentiment index fell to 93.6 from January's 11-year high of 98.1, missing market expectations.

On a weekly basis, the Dow, the S&P 500 and the Nasdaq posted gains for a second straight week, up 1.1 percent, 2.0 percent and 3.1 percent, respectively.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Editor:Yuan Can,Bianji)

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