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S&P trading above 1,500 for first time since 2007

10:37 AM, Jan 24, 2013   |    comments
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MATTHEW CRAFT, AP Business Writer

NEW YORK (AP) - The Standard & Poor's 500 index is trading above 1,500 for the first time since December 2007.

The S&P has risen for the past six days. Thursday's gain followed a sudden drop in claims for unemployment benefits, another sign that the labor market is healing.

A plunge in Apple's stock pulled the Nasdaq composite index lower. The electronics giant predicted slower sales.

The Dow Jones industrial average was up 69 points at 13,849. The Standard & Poor's 500 index inched above 1,500 in early trading, and was up four points at 1,499 as of 10:15 a.m.

The Nasdaq fell nine points to 3,144. A sharp drop in Apple, one of the country's most valuable companies, is enough to pull down the technology-heavy index.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

AP

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