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S&P has first record close in more than 7 years | The Honolulu Advertiser | Hawaii's Newspaper

Updated at 12:18 p.m., Wednesday, May 30, 2007

S&P has first record close in more than 7 years

Associated Press

Wall Street surged Wednesday, lifting the Standard & Poor's 500 index to its first record close in more than seven years, as minutes from the Federal Reserve's last meeting offered investors no major surprises about the economy. The Dow Jones industrial average set its 25th record close of the year.

The broader S&P 500, regarded as the best barometer of U.S. stocks, surpassed the record of 1,527.46, set March 24, 2000, at the peak of the dot-com boom. Investors appeared relieved by a relatively upbeat economic assessment by the Fed and unfazed by its reiteration that inflation remains high.

  • The Dow rose 111.74, or 0.83 percent, to 13,633.08.

  • The Standard & Poor's 500 index gained 12.12, or 0.80 percent, to 1,530.23.

  • The Nasdaq composite index added 20.53, or 0.80 percent, to 2,592.59.

    For the week:

  • The Dow is up 125.80, or 0.93 percent.

  • The S&P is up 14.50, or 0.96 percent.

  • The Nasdaq is up 35.40, or 1.38 percent.

    For the year:

  • The Dow is up 1,169.93, or 9.39 percent.

  • The S&P is up 111.93, or 7.89 percent.

  • The Nasdaq is up 177.30, or 7.34 percent.
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