Dow Jones average closes at highest level of year
BY Wire Reports
Wednesday, February 13, 2013
2/13/13 at 2:33 AM
The Dow Jones industrial average rose to its highest close of the year Tuesday, ending 146 points from a record. Stocks gained after impressive results from two big consumer brands.
The Dow gained 47.46 points to finish at 14,018.70, putting it within 1 percent of the record close of 14,164.53 set in October 2007.
The Standard & Poor's 500 gained 2.42 points to 1,519.43, also close to its record.
In a quiet day of trade, stocks were driven higher by beauty products maker Avon and luxury clothing and accessories company Michael Kors, whose results impressed investors. Consumer spending accounts for 70 percent of economic activity in the U.S.
Financial and home building stocks also lifted stocks, led by Bank of America and Masco Corp, which notched some of the day's biggest gains.
The Dow has now advanced 7 percent this year, and the S&P 500 is up 6.6 percent.