Dow Nears 15,000 Mark While S&P 500 Breaks 1,600
May 3rd 2013 9:02PM
Updated May 4th 2013 9:00AM
After closing higher by 142 points, or 0.96%, the Dow Jones Industrial Average now rests at 14,973. But for a few moments this morning, the blue-chip index rose above the 15,000 mark and went as high as 15,009, before settling lower than the historic mark for the remainder of the session. Additionally, though, the S&P 500 also set a new all-time high and broke the 1,600 barrier for the first time today after rising 16.83 points, or 1.05%. And the broader market index closed the day at 1,614.
This morning, I discussed the reason why a few Dow components were trading lower. Click here to read about those stocks, or continue below to learn about the other market movers today.
Oil has been on quite the run over the past two days. Yesterday, light crude rose 3.25% and today it was up 1.72%. Not surprising, the Dow's big oil companies also moved higher. Shares of Chevron closed the day higher by 1.19%, while ExxonMobil moved higher by 1.57%. Today's moves followed yesterday's performance when Chevron increased by 1.47% and Exxon by 1.28%. While the two have recently been moving in line with each other, year to date Chevron is up more than 14% while Exxon has only increased by a little more than 4%. A number of analysts have stated that they believe Chevron will outperform Exxon over the next five years, and so far their predictions look good.
UnitedHealth slid lower by 0.94% today. This fall comes after shares dropped 0.4% yesterday. Very little news pertaining directly to the company came out on both days, but some believe the declines are related to Obamacare and the uncertainty that still surrounds the industry. Investors still do not fully understand if the new health-care laws will help or hurt the insurance companies, and it is unlikely they will know for sure until the law goes into effect and a few quarterly reports showing new revenue and costs are released.
Lastly, shares of Intel rose by 0.31% during today's trading session. The rise is a good sign after shares increased by 0.51% yesterday after the company announced that it had found a replacement for the departing CEO Paul Otellini. Previously, the company said it would like to bring someone from the outside into the top spot, but it has decided to go with longtime executive Brian Krzanich. It was clear yesterday that some were not sold on the new CEO, but it is a good sign that shares rose on the day of the announcement and the following session.
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The article Dow Nears 15,000 Mark While S&P 500 Breaks 1,600 originally appeared on Fool.com.Fool contributor Matt Thalman has no position in any stocks mentioned. The Motley Fool recommends Chevron and UnitedHealth Group. It recommends and owns shares of Intel. Check back Monday through Friday as Matt explains what caused the Dow's winners and losers of the day and every Saturday for a weekly recap. Follow Matt on Twitter @mthalman5513. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.