S&P Closes Best Day Of The Year At Record High, Led By Travel, Cigarettes And Burritos

Tuesday, stocks made up for the losses suffered Monday and then some. The market had its best day so far this year as the S&P 500 Index hit a record high and the entire Dow Jones Industrial Average saw green.

The Dow and S&P finished the trading day up 1.4% and 1.5% respectively. For both indices point and percentage gains were their largest since December 18 of last year. That day the Dow gained 1.8% and the S&P gained 1.66%. Tuesday, the S&P closed up 28.25 points at a new high of 1873.88.

Online travel booking site TripAdvisor led the S&P in percentage gains finishing the day at $106.89, up 6.3%. Other stocks that clocked in greater than 5% daily gains were Delta Air Lines, Reynolds American,  Bristol-Myers Squibb, Chipotle Mexican Grill and E-Trade Financial.

Delta’s 5.7% gain to $34.45 follow the company’s announcement that — although it canceled nearly 8,000 flights in February due to inclement weather –  it boarded more passengers last month than in February 2013 and revenue per passenger was up 4%. Cigarette maker Reynolds America popped late in the day on reports it is considering a merger with rival Lorillard. Reynolds closed up 5.6% at $56.31. (Lorillard, also an S&P component, closed up 3% at $55.24.)

Just 28 S&P stocks finished the day in the red with only Cliffs Natural Resources, an iron ore and coal mining company, reporting declines greater than 2%. All 30 stocks in the Dow finished the day up, with American Express, Walt Disney, Pfizer, Goldman Sachs Group, DuPont and General Electric leading the pack with greater than 2% gains.

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Source: Forbes Business

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