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

Mar 4 2014, 6:44pm CST | by

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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