NEW YORK (AP) - Pfizer helped keep the stock market rally alive yesterday. The drugmaker's stock gained after the company posted strong earnings, pushing the Dow closer to 14,000.
NEW YORK (AP) — Pfizer helped keep the stock market rally alive yesterday. The drugmaker’s stock gained after the company posted strong earnings, pushing the Dow closer to 14,000.
The Dow Jones industrial average gained 73 points to close at 13,954.42, ending higher for the seventh day in eight. The Standard and Poor’s 500 also rose, adding eight points to 1,507.84. The Nasdaq composite dropped less than a point to 3,153.66.
The January rally looked as if it was running out of steam on Monday as the Dow and S&P 500 pulled back a bit from their highs, but yesterday, they resumed their ascent toward record levels. Demand was bolstered at the start of the year after Congress reached a deal to avoid the “fiscal cliff,” and it was sustained by reports that have added to evidence that the U.S. housing market is recovering and the jobs market is slowly healing.
The Dow is 6.5 percent higher this month, and the S&P 500 is up 5.7 percent. Both indexes are at their highest levels in more than five years.
Pfizer was the biggest gainer in the Dow, advancing 86 cents, or 3.2 percent, to $27.70 after the company said its fourth-quarter profit more than quadrupled.