It was a muted start for U.S. equities when the stock market today (Monday) opened. But by mid-day, the bulls were back and benchmarks marched higher.
Just before noon, the Dow Jones Industrial Average rose 13.41, or 0.09%, to 15,354.40. The Standard & Poor's 500 Index added 2.54, or 0.15%, to 1,670.01. The Nasdaq was higher by 6.42, or 0.18%, to 3,505.39
Year-to-date, the Dow is up 17.17%, the S&P up 16.92% and the Nasdaq 15.88%. Moreover, the number of stocks in the S&P hitting 52-week highs rose to 37.2%, according to Bespoke Investment Group, proof the rally is indeed broad based.
Earnings season is nearly done, and the economic calendar is quiet heading into the extended Memorial Day weekend. Yet there are a few things that could rattle stocks this week.
JPMorgan Chase & Co. (NYSE: JPM) shareholders take a nonbinding vote Tuesday on whether to split the role of chairman and chief executive officer currently held by Jamie Dimon.
Wednesday, Fed Chairman Ben Bernanke gives his testimony on economic outlook before Congress. Every word will be dissected for hints as to when QE might be scaled back.
Also, on Wednesday, the Fed releases minutes of its latest meeting on monetary policy. April new home sales data is expected to show a rise to an annual pace of 4.98 million, and the Bank of Japan issues its interest rate decision.
Thursday brings a report on existing home sales, seen falling to a pace of 410,000 on tight supply. Friday's durable goods orders are expected to come in at 1.7%, up from a negative 5.7 in the previous month.
Making News in the Stock Market Today
- Yahoo! Inc (Nasdaq: YHOO) shares rose nearly 1% after announcing plans to buy blogging site Tumblr for $1.1 billion. The deal will help Yahoo tap into the younger, active online user crowd at Tumblr. Yet some Tumblr fans are worried that deal will cause the site to become inundated with ads. But as Yahoo moves to monetize Tumblr's 300 million monthly unique visitors who create roughly 900 posts a second and the some 120,000 new sign-ups daily, Yahoo promises "not to screw it up." Skeptics say Yahoo overpaid.