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FX.co ★ Dow hits all-time high

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Forex Humor:::2014-06-24T13:36:00

Dow hits all-time high

One of the major stock indexes S&P 500 had its longest streak of advances that lasted several days. Investors did not expect a surge in the U.S. stock indexes. However, that did not stop Dow Jones Industrial Average from posting records one by one during four days. Standard & Poor's 500 gained 7.4% having ended four trading sessions at new all-time highs. The measure trades at 16.5 times the projected earnings of its members, up from a multiple of 14.8 in early February. Meanwhile, EBay lost 2.7% as the company announced that David Marcus, president of its PayPal online payment business, is leaving to join Facebook. Unlike EBay, shares in the social media giant rose 4.6%, thus hitting the highest level since March 2014. Shares in a leading retailer of innovative technology products RadioShack dropped 10% after the company reported a wider-than-expected quarterly loss. At the same time, there is quite the opposite picture with biopharmaceutical company Receptos Inc that gained 36.78% after the release of its favorable clinical-trial results for its lead product candidate in a study of patients by means of relapsing multiple sclerosis. Experts say that the positive dynamic is triggered by a bigger-than-expected increase in the U.S. wholesale inventories. The indicator grew 1.1% on a monthly basis, while most analysts anticipated a 0,6% rise. Moreover, the brightening growth picture was further boosted by another report. The Labor Department said job openings increased by 289,000 to 4.46 million in April, the highest reading since August 2007.

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