Wall Street market report

  • 21 August 2014
  • From the section Business

(Close): The S&P set a fresh all-time high on Thursday boosted by signs of a strengthening US economy.

The S&P 500 added 5.86 points, or 0.29%, to hit 1,992.37, while the Dow Jones rose 60.62 points, or 0.36%, to 17,039.75. And The Nasdaq rose rose 5.62 points, or 0.12%, to 4,532.10.

The rise came after US home re-sales hit a 10-month high in July.

"The economy is beginning to fire on more cylinders," said Ryan Sweet, a senior economist at Moody's.

Bank of America rose 4.1% after it reached a $16.7bn settlement with the US Justice Department.

However Dollar General fell 0.2% after its $9.7bn takeover bid was rejected by rival Family Dollar, which said it would continue to pursue its plans for a merger with Dollar Tree.

Hewlett-Packard surged 5.4% after reporting its first quarterly revenue increase in three years. Net revenue for the third quarter rose to $27.6bn from $27.2bn.

However, shares in Hertz fell, slipping 0.8% after activist investor Carl Icahn's disclosure that he has amassed an 8.5% stake in the company and announced plans to push for a shakeup at the slumping car-rental giant.