A Federal Reserve statement that the market recovery would remain weak and keep interest rates low for the foreseeable future, alongside encouraging market news from China that led to a positive finish for the sixth straight day. Bank of America and Home Depot both rose, as did custom-home developer Toll Brothers gaining 3.02, or 16%, to 21.41 today.
The combination of low interest rates and the detrimental effect they’re having on the dollar have proved advantageous to the market.
There are still those companies weighing against these gains; however, many in the retail sector. Macy's slid 1.57, or 8.1%, to 17.86 while Kohl's, fell1.77, or 3.1%, to 54.59.
In financials, Dutch services company ING, gained 79 cents, or 5.5%, to 15.29 while Prudential Financial climbed 1.28, or 2.7%, to 48.76.
AIG did not follow suit, falling 84 cents or 2.2% after news of CEO Robert Benmosche leaving his position alarmed investors.
The Dow Jones Industrial average rose 44.29 or .4 percent to 10,291.26. The S&P 500 index gained 5.50 or .5 percent to 1,098.51 while the Nasdaq composite index gained 15.82, or 0.7 percent, to 2,166.90.
For the week The Dow and the S&P are both up 2.7 percent while the Nasdaq rose 2.6 percent.
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