Dow Finishes at 52-Week High

The Dow industrials pushed higher for the second day, closing at a 52-week high, after European leaders signaled progress toward an agreement on a bailout for Greece.

The Dow pushed higher for the second day, closing at a 52-week high, after European leaders signaled progress toward an agreement on a bailout for Greece. Steven Russolillo has details on The News Hub. Photo: AP

Both the Dow and Standard & Poor's 500-stock indexes made runs at multiyear milestones, but a late rally lost momentum ahead of the long, holiday weekend. The Dow advanced 45.79 points, or 0.4%, to 12949.87, within striking distance of 13000, a threshold last hit in May 2008.

The Standard & Poor's 500-stock index rose 3.19 points, or 0.2%, to 1361.23, just short of its best close in almost four years. The Nasdaq Composite fell 8.07 points, or 0.3%, to 2951.78.

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Consumer-discretionary and financial stocks were the strongest performers in the S&P 500 on a percentage basis, while health-care and utility stocks lagged behind. Intel was the biggest percentage gainer in the Dow, up 55 cents, or 2%, to $27.37 ! while Al coa fell 13 cents, or 1.3%, to 10.15.

The Stoxx Europe 600 climbed 0.6%, trading near levels not seen since last summer, after political leaders from Germany, Italy and Greece voiced confidence that a deal on a Greek bailout could be reached by Monday.

Developments in Europe failed to spark commensurate gains in U.S. stocks, though benchmarks drifted to session highs late in afternoon trade.

"While it looks like the pieces are slowly falling into place for Greece, there are a number of things that are not fully known. Some investors seem to be tentative going into a long weekend when a lot can happen," said Alan Gayle, senior investment strategist at RidgeWorth Investments.

Developments in Europe this weekend will color next week's trading, with fourth-quarter earnings season nearly finished and few major U.S. economic data reports on the agenda next week.

Stocks rose in tandem with optimism for a second bailout for Greece, extending gains for a second session, Jonathan Cheng reports on Markets Hub. (Photo: Spencer Platt/Getty Images)

Asian bourses also were broadly higher, with Japan's Nikkei Stock Average climbing 1.6% to a six-month high. Hong Kong's Hang Seng Index advanced 1%. Gold futures lost $2.30, or 0.1%, to $1,724.50 a troy ounce, while crude-oil prices settled up 93 cents, or 0.9%, at $103.24 a barrel, the highest settlement price in nine months.

U.S. economic data showed consumer prices rose in line with expectations in January. The newly composed index of leading economic indicators in January increased for the fourth consecutive month, just shy of expectations.

In corporate news, H.J. Heinz tacked on 2.37, or 4.6%, to 54.47, after the food company reported better-than-expected fiscal third-quarter earnings and revenue, and provid! ed an up beat full-year earnings outlook.

General Mills shed 1.44, or 3.6%, 38.34, after it indicated fiscal third-quarter earnings would be below estimates and lowered its full-year outlook, citing weak volumes across its U.S. retail categories in December and January.

Gilead Sciences slumped 7.81, or 14%, to 47, making it the weakest performer on the Nasdaq 100 and the S&P 500, after the company announced disappointing results to a study of its hepatitis C treatment.

Write to Chris Dieterich at christopher.dieterich@dowjones.com

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