S&P 500 Hits Highest Level Ever

Category: Economy / Apr 10, 2013 12:47PM EDT
The U.S. benchmark S&P 500 index on Wednesday (April 10) rose to its highest level ever, breaking a record that had stood since October 2007. The benchmark S&P 500 rose as high as 1,585.96, breaking the record intraday level of 1,576.09 set on October 11, 2007. The Fed minutes showed a few policymakers expected to taper the pace of asset purchases by midyear and end them later this year, while several others expected to slow the pace a bit later and halt the quantitative easing program by year-end. The surprising release of the minutes, hours ahead of schedule, eroded some of the positive tone from earlier in the morning after data from China showed imports of key commodities rebounded in March, signaling domestic demand was picking up and would help drive the economy. Investors were also positioning for the start of corporate earnings season. Among the 5 percent of S&P 500 companies that have reported results so far, almost three-quarters have topped expectations, according to Thomson Reuters data. The Dow Jones industrial average .DJI was up 127.67 points, or 0.87 percent, at 14,801.13. The Standard & Poor's 500 Index .SPX was up 17.16 points, or 1.09 percent, at 1,585.77. The Nasdaq Composite Index .IXIC was up 51.95 points, or 1.60 percent, at 3,289.81. (Video Source: REUTERS)