Dow Hits Five-Year High (Bloomberg)
Rising U.S. stocks allowed the Dow Jones Industrial Average to gain 73.03 points, 0.5%, to climb to 13,954.96, its highest level since October 2007. The S&P 500 also rose 0.5%, reaching 1,507.88. “Continued earnings beats that we’ve seen so far this quarter is helping drive the market,” said Jay Wong, a Los Angeles-based fund manager with Payden & Rygel. “There is a lot of momentum in the market right now.”
Financial Fears Lower Consumer Confidence (CNBC)
According to a private sector report released today, January’s consumer confidence level was the lowest since November 2011. “The increase in the payroll tax has undoubtedly dampened consumers’ spirits and it may take a while for confidence to rebound and consumers to recover from their initial paycheck shock,” said Lynn Franco, director of economic indicators at The Conference Board.
Quarterly Results Boost Amazon Shares (Reuters)
Amazon.com shares rose about 7% today after beating estimates for its fourth-quarter results. In Q4, operating income climbed 56% to $405 million, aided by Amazon’s big share of online spending during the holiday season. “The fourth-quarter operating income was up more than expected,” said R.J. Hottovy, an equity analyst at Morningstar. “This supports the bull case that Amazon can monetize its growth over the longer term.”