Stocks drifted higher near Thursday's midpoint amid a mixed batch of economic reports and the reopening of Cypriot banks.
The S&P 500 rose 0.3% and topped its Oct. 9, 2007, record closing high of 1565.15. It's also less than 1% away from its Oct. 11, 2007, all-time high. The Dow Jones industrial average climbed 0.4% to a record high and the Nasdaq rose 0.2%. Nasdaq volume was tracking a little higher in the stock market today. NYSE trade was tracking lower.
Signet Jewelers (SIG) gapped up and bolted 8% to a record high in heavy trading. It cleared a 63.59 buy point from a handle in a flat base. Before the open, the retailer delivered fiscal Q4 earnings of $2.12 a share, up 18% from a year ago. Sales rose 12% to $1.513 billion. Both were above views. The operator of Kay and Jared jewelry stores also raised its quarterly dividend by 25% to 15 cents a share.
Celgene (CELG) rose 3% to a record high in brisk trade. It topped a 115.54 buy point from a three-weeks-tight pattern. The stock has been a solid performer this year, but has denied investors an additional buying opportunity until now. Celgene staged a big rebound off its 50-day line in early January.
Gilead Sciences (GILD) added 3% to a fresh record high. It's now 5% past a 46.47 buy point from a three-weeks-tight pattern cleared Wednesday. In the past three quarters, the biotech's earnings fell 2% to being up 2%. But sales growth accelerated in the latest two periods.
On the downside, PVH (PVH) slumped 5% in big volume after earlier rebound efforts faded. Late Wednesday, the clothing maker delivered better-than-expected fiscal Q4 results. But the firm said its Warnaco buyout would require additional investment and hurt profit for 2013.
Source: http://news.investors.com/investing-stock-market-today/032813-649671-stock-market-edges-higher.htm
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