Stocks up again as Wall St hits another record high

THE Straits Times Index managed a fourth consecutive rise yesterday after Wall Street hit yet another all-time high.

For the S&P 500, its 0.5 per cent rise to 1,827.99 on Monday was its 42nd record close for 2013. In the case of the STI, its 11.07-point rise to 3,127.29 cut its loss for the year to 40 points or 1.3 per cent.

Since the US Federal Reserve surprised markets last Wednesday by saying it will be slicing US$10 billion per month off its US$85 billion per month QE3 monetary stimulus, the STI has risen 66 points or 2.2 per cent.