Policy: Economy

S&P 500 index closes above 1,900 for first time

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Photo - Trader Neil Catania, right, works on the floor of the New York Stock Exchange, Friday, May 23, 2014. Stocks inched higher early Friday in quiet trading ahead of the Memorial Day weekend.  (AP Photo/Richard Drew)
Trader Neil Catania, right, works on the floor of the New York Stock Exchange, Friday, May 23, 2014. Stocks inched higher early Friday in quiet trading ahead of the Memorial Day weekend. (AP Photo/Richard Drew)
News,Business,Economy,Wall Street,Financial Markets,Standard and Poors

The Standard & Poor's 500 index is closing above 1,900 for the first time.

Homebuilder stocks rose after the government reported that sales of new homes increased last month. Investors also bid up shares in GameStop and Hewlett-Packard after the companies reported positive earnings.

Trading was relatively quiet ahead of the Memorial Day holiday weekend.

The S&P 500 gained eight points, or 0.4 percent, to close at 1,900 Friday. That's three points above the index's previous all-time high close 10 days ago. It's up 2.8 percent for the year.

The Dow Jones industrial average rose 63 points, or 0.4 percent, to 16,606.

The Nasdaq composite added 31 points, or 0.8 percent, to 4,185.

The yield on the 10-year Treasury note fell to 2.53 percent.

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