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Dow extends record run in early trade

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(Globalpost/GlobalPost)

The Dow Jones Industrial Average extended its record-breaking run as US markets rallied again for modest gains in opening trade Wednesday.

After setting an all-time closing high Tuesday of 14,253.77, the Dow added another 34.06 points (0.24 percent) in the first hour of trade at 14,287.83.

The broader S&P 500 rose 1.13 points (0.07 percent) to 1,540.92, still nearly two percent shy of its October 9, 2007 record.

The tech-heavy Nasdaq Composite edged lower, down 2.28 points (0.07 percent) to 3,221.85.

The modest gains were helped by a solid report from payroll firm ADP on jobs created in February, 198,000, below January but ahead of the six-month average.

Bank of America was a leading Dow gainer, up 2.4 percent, with Citigroup adding 1.3 percent and JPMorgan Chase 0.7 percent.

Microsoft led Dow losers, off 1.4 percent.

In tech stocks, Hewlett-Packard rose 1.8 percent on reports of fresh shareholder pressure to revamp the computer maker's board and possibly top management.

Ebay meanwhile fell 2.6 percent.

Troubled department store chain JC Penney added another 3.6 percent to Tuesday's sharp loss, after a key investor, Vornado Realty Trust, said it had sold 10 million shares amid rising boardroom turmoil.

Bond prices fell. The yield on the 10-year Treasury surged to 1.93 percent from 1.89 percent late Tuesday, while the yield on the 30-year rose to 3.14 percent from 3.10 percent. Bond prices and yields move inversely.

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http://www.globalpost.com/dispatch/news/afp/130306/dow-extends-record-run-early-trade-0