Dow Not Tired of Making New Record Highs

The Dow Jones Industrials will have to wait till at least next week to mount the lofty heights of 16,000 points, but both the Dow and the S&P did end the day at record highs.

The Dow Jones Industrials was up 85.48 points from yesterday”s all-time high, to close at 15,961.70

The S&P 500 index moved up 7.56 points from its all-time peak to 1,798.18. The NASDAQ strengthened 13.23 points to 3,985.97

The Dow is closing in on 16,000, while the S&P 500 is inching toward 1,800, both of which would be reached for the first time. The tech-heavy NASDAQ is nearing 4,000, a level not seen since September 2000, just after the collapse of the dot-com bubble.

Some believe stocks can continue moving higher in the short run as investors who have sat out the rally so far rush to get in before the party”s over. Plus, stocks are still trading at compelling valuations, compared with many other assets. Bulls also say that the market surge is justified by improving economic conditions and record corporate profits.

Shares of J.C. Penney rose on news that several hedge funds, including Appaloosa Management, have invested in the ailing retailer.

The stock is the worst performer in the S&P 500 this year, but it has rallied lately and will report its latest quarterly results next week.

U.S.-listed shares of voxeljet, a German manufacturer of 3D printers, jumped 6%. The company raised its outlook for the year after revenue surged 77% in the third quarter. Earnings more than tripled in the quarter.

Organovo, a company that produces human tissues using 3-D bioprinting technology, ended flat after surging 10% in early trading. The stock is up nearly 400% so far this year.

Shares in Exxon Mobil were higher after it was revealed that Warren Buffett”s Berkshire Hathaway made a big bet on the company, buying roughly 40 million Exxon shares — worth $3.74 billion U.S. at Thursday”s closing price.

Government-sponsored mortgage giants Fannie Mae and Freddie Mac both surged after activist shareholder Bill Ackman disclosed in a regulatory filing that his firm, Pershing Square, bought just under a 10% stake in each firm.

And there was another hot IPO Friday. Zulily, a daily deals site that focuses on apparel for babies, kids and moms, surged nearly 70% in its debut.

Prices for 10-year U.S. Treasuries were lower, raising yields to 2.71% from Thursday”s 2.70%. Treasury prices and yields move in opposite directions.

Oil prices were unchanged at $93.76 U.S. a barrel.

Gold prices gained 90 cents to $1,287.20 U.S. an ounce.

Dow Jones Industrial Average (DJIA) Stock Quote and News:

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