Stocks Climb: Dow, S&P at Fresh 5-Year Highs, GOOG Tops $800

by JeeYeon Park,  |  published on February 20, 2013

Stocks advanced Tuesday, with the Dow and S&P 500 trading at fresh five-year highs, lifted by optimism for more corporate deals and as investors returned from the long holiday weekend.

The Dow Jones Industrial Average climbed, led by Bank of America and General Electric, after the blue-chip index logged its second-consecutive weekly decline in the previous week. The Dow is within 1 percent of its all-time closing high of 14,164.53 hit on October 9, 2007.

The S&P 500 and the Nasdaq also traded higher. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded below 13.

The Dow and the S&P 500 have both rallied 7 percent since the beginning of the year.

Most key S&P sectors were in positive territory, led by consumer staples and financials.

“Many investors are now wondering if this advance is tired and in need of a rest, arguing that a digestion (0 percent to 5 percent decline) would be refreshing, a pullback (5 percent to 10 percent) would be healthy, and a correction (10 percent to 20 percent) would be scary, but would reset the clock quite nicely,” said Sam Stovall, chief equity strategist at S&P Capital IQ.

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