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Dow closes at nearly 5-year high

NEW YORK, Feb. 19 (UPI) — The Dow Jones closed at its highest level since October 2007 Tuesday as investors resumed trading on the New York Stock Exchange after a long weekend.

In late afternoon trading, the Dow Jones industrial average picked up 53.91 points, or 0.4 percent, to close at 14,035.67

The Standard & Poor’s 500 added 11.15 points, or 0.7 percent, to finish at 1,530.94 points.

The Nasdaq gained 21.56 points, or 0.7 percent, to finish at 3,213.59 points.

“You don’t get a pullback just because you’ve had a nice run,” Randy Frederick, managing director of active trading and derivatives at Charles Schwab Corp., told The Wall Street Journal. “You need a catalyst and we haven’t had that yet. This market, in the absence of any bad news, wants to go up.”

On the New York Stock Exchange, the total share volume was 3.74 billion shares, with advancers leading decliners 2.52 billion shares to 1.18 billion shares.

The 10-year U.S. treasury yielded 2.032 in late afternoon trading.

Against the euro, the dollar was 1.3387 from $1.3362 on Friday. Against the yen, the dollar was 93.54 yen Tuesday from 93.52 yen Friday.

In London, the FTSE 100 closed at 6,379.07 points, up 60.88 points.

In Tokyo, the Nikkei 225 closed at 11,372.34 points, off 35.53.

Copyright 2013 United Press International, Inc. (UPI).

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