NEW YORK: The Dow Jones industrial average rose Wednesday, closing above 15,000 for a second day after breaching the landmark level for the first time Tuesday.
On Wednesday, a day without any major economic news releases, investors focused on company earnings as reporting for the first quarter draws to a close. Although earnings growth has slowed from last quarter, profits are at record levels and projected to rise throughout the year.
Internet company AOL plunged as its subscription revenue fell, and hamburger chain Wendy’s slumped after it reported sales that fell short of Wall Street’s expectations. On the positive side, high-end grocer Whole Foods and the video game publisher Electronic Arts rose sharply after predicting full-year profits that were higher than analysts were expecting.
The Dow closed up 48.92 points, or 0.3 percent, at 15,105.12. The index is 15.3 percent higher for the year. The S&P 500 index was 6.73 points higher, or 0.4 percent, at 1,632.69, extending its advance for 2013 to 14.5 percent.
In other trading, the Nasdaq composite gained 16.64 points, or 0.5 percent, to 3,413.27. The Russell 2000, an index of smaller stocks, rose 2.59 points, or 0.3 percent, to 970.41.
Freight transporter C.H. Robinson Worldwide was the biggest decliner in the S&P 500 index, falling $4.30, or 7 percent, to $57.26 after the company said that its profit margins were being squeezed.
In government bond trading, the yield on the 10-year Treasury note was little changed at 1.77 percent. The yield has climbed from 1.63, its lowest of the year, last week after a surprisingly strong employment report Friday.
Crude oil rose $1, or 1 percent, to $96.62 a barrel and gold climbed $24.90, or 1.7 percent, to $1,473.70 an ounce.
Scott Wren, a senior equity strategist at Wells Fargo Advisors, predicted more gains in the short term, but also said a pullback was likely because the rise in the market is beginning to overstate the improvement in the economy.