Newspaper article St Louis Post-Dispatch (MO)

Stock Indexes Shake off Early Slide, Close Higher; BUSINESS

Newspaper article St Louis Post-Dispatch (MO)

Stock Indexes Shake off Early Slide, Close Higher; BUSINESS

Article excerpt

NEW YORK * The stock market continued its climb into record territory Wednesday, despite a handful of disappointing economic reports.

It's a recurring theme in the stock market. While surprisingly bad news can still shake investors' nerves, they'll often shrug off reports of sluggish economic growth because it suggests that the Federal Reserve will keep pumping money into financial markets.

The Dow Jones industrial average rose 60.44 points to close at 15,275.69, an increase of 0.4 percent. The Standard & Poor's 500 index rose 8.44 points to 1,658.78, up 0.5 percent. Both the Dow and the S&P 500 closed at all-time highs on Tuesday. The Nasdaq composition was up 9.01 points to close at 3,471.62.

News of slowing manufacturing in the U.S. and a widespread slowdown in Europe weighed on financial markets in early trading, but the stock market quickly recovered.

The S&P 500 is trading at 15 times earnings for 2013, in line with the historical average of the closely watched price-to- earnings ratio. …

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