Stock surge lifts Dow to record-high close

MarketWatchApril 10, 2013 

NEW YORK -- U.S. stock indexes rose on Tuesday, lifting the Dow Jones industrial average to a new record high, as Wall Street embraced the start of first-quarter earnings.

"The fundamentals are too good to put a ceiling on the market. During the fourth quarter, companies gave very, very muted outlooks on the first quarter, so earnings might be mildly surprising on the upside," said Margie Patel, senior portfolio manager at Wells Capital Management.

The Dow Jones industrial average finished at a record closing high of 14,673.46, up 59.98 points.

Microsoft Corp. and Intel Corp. paced gains that included 20 of the blue-chip index's 30 members.

Alcoa Inc. shares finished flat after the aluminum producer reported results that marked the unofficial start of the earnings season.

The S&P 500 index rose 5.54 points to 1,568.61, leaving it just below its 1,570.25 record finish set April 2.

Amid allegations of insider trading, KPMG resigned on Tuesday as auditor at Herbalife Ltd. and Skechers USA Inc.

Shares of both companies were halted for a period during the session.

J.C. Penney Co. Inc. plummeted as analysts deemed Myron Ullman's return to the helm of the struggling retailer as not necessarily a fix for the struggling retailer.

The Nasdaq composite climbed 15.61 points to 3,237.85.

The dollar fell against other global currencies, including the yen and the euro.

Longer-term Treasury prices held steady or fell, with the yield on the benchmark 10-year note used to determine the rate of mortgages and other consumer loans at about 1.75 percent.

"Investors would love to see higher interest rates; I just don't see it," said Wells Capital's Patel, who adds the relatively muted price of commodities will keep inflation low.

On the New York Mercantile Exchange, the price of oil rose 84 cents to $94.20 a barrel, while gold futures gained $14.20, or 0.9 percent, to end at $1,586.20 an ounce.

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