Dow Hits Another Record Close, FOMC Minutes On Tap

Category: Economy / Apr 09, 2013 7:12PM EDT
The Dow Jones industrial average not only touched another intraday record high at 14,716.46 Tuesday, but it also closed the session at 14,673.46, a record closing high after investor optimism and a report showing China’s inflation slowed last month. A report released Tuesday showed China’s inflation slowed in March after posting a 10-month high in February. On the U.S. front, a survey revealed that a divided Washington and a weak U.S. economy are holding back the confidence of small-business owners as the NFIB’s small-business optimism index declined in March. Separate data from the Labor Department showed that February job openings rose to the highest level since May 2008. In February, the number of openings rose in health care and social assistance, accommodation and food services, and state and local government. Other economic data Tuesday indicated that U.S. wholesale inventories dropped in February and were also revised down for January. U.S. data on tap for Wednesday includes the FOMC’s minutes and the federal budget released at 2pm Eastern. Investors are eyeing the start of earnings season and economic readings from overseas to gauge whether the stimulus measures from the Federal Reserve and company forecasts are strong enough to sustain gains and can continue to push stocks higher. The Dow Jones industrial average .DJI advanced 59.98 points, or 0.41 percent, to 14,673.46, a record closing high. The Standard & Poor's 500 Index .SPX rose 5.54 points, or 0.35 percent, to 1,568.61. The Nasdaq Composite Index .IXIC gained 15.61 points, or 0.48 percent, to close at 3,237.86. (Video Source: REUTERS)