Skip to footer

S&P 500 reaches 1900 for first time; Keurig soars

The Standard & Poor's 500 index briefly crossed 1,900 for the first time Tuesday morning and continues to flirt with S&P 500's record. Keurig Green Mountain stocks also rose by 9.7 percent after Coca-Cola raised its stake in Keurig.

|
AP
Trader Peter Mancuso works on the floor of the New York Stock Exchange, Tuesday, May 13, 2014. The Standard & Poor's 500 index crossed above 1,900 for the first time Tuesday as investors assessed news on retail sales.
  • By Steve Rothwell AP Markets Writer

| New York

The Standard & Poor's 500 index briefly crossed 1,900 for the first time Tuesday as investors assessed news on retail sales. Keurig Green Mountain jumped on reports that Coca-Cola had raised its stake in the company.

KEEPING SCORE: The Standard & Poor's 500 index was up one point, or 0.1 percent, to 1,898 as of 12:20 p.m. Eastern time, after climbing as high as 1,902 in early trading. The Dow Jones industrial average rose 28 points, or 0.2 percent, to 16,724. The Nasdaq composite slipped nine points, or 0.2 percent, to 4,134.

PERKING UP: Keurig Green Mountain surged $10.73, or 9.7 percent, to $121.43 after Coca-Cola raised its stake in the company. Coca-Cola, the world's biggest beverage company, disclosed in a regulatory filing on Tuesday that a subsidiary now has a 16 percent stake in Keurig.

RETAIL IS DETAIL: Growth of U.S. retail sales slowed in April as consumers shopped less online and cut back on purchases of furniture and electronics. The Commerce Department said retail sales rose 0.1 percent last month after surging 1.5 percent in March. The increase in March followed a harsh winter that curtailed shopping.

THE QUOTE: The stock market is gradually returning to normal after a sustained period of uncertainty following the financial crisis and the Great Recession, said Rob Stein, CEO of Astor Investment Management.

"It would not be surprising for volatility to pick up," said Stein. "But that doesn't take away from the fact that the economic fundamentals are supportive of equity prices."

DRUG SALES: McKesson jumped $5.02, or 3 percent, to $179.25 after the prescription drug distributor said Monday its net income rose 43 percent in its fiscal fourth quarter. Overall earnings got a boost from stronger results in North America and a decrease in costs.

FADING BEAUTY: Elizabeth Arden plunged $7.22, or 20 percent, to $28.45 after the beauty products company reported an unexpected quarterly loss and disclosed it has hired Goldman Sachs to help it explore strategic alternatives.

BONDS AND COMMODITIES: Bond prices rose. The yield on the 10-year Treasury note dropped to 2.61 percent from 2.66 percent late Monday. The price of oil rose 67 cents, or 0.7 percent, to $101.27 a barrel.

You've read  of  free articles. Subscribe to continue.
Real news can be honest, hopeful, credible, constructive.
What is the Monitor difference? Tackling the tough headlines – with humanity. Listening to sources – with respect. Seeing the story that others are missing by reporting what so often gets overlooked: the values that connect us. That’s Monitor reporting – news that changes how you see the world.
editor@csmonitor.com
Subscribe
Mark Sappenfield
Editor

Dear Reader,

About a year ago, I happened upon this statement about the Monitor in the Harvard Business Review – under the charming heading of “do things that don’t interest you”:

“Many things that end up” being meaningful, writes social scientist Joseph Grenny, “have come from conference workshops, articles, or online videos that began as a chore and ended with an insight. My work in Kenya, for example, was heavily influenced by a Christian Science Monitor article I had forced myself to read 10 years earlier. Sometimes, we call things ‘boring’ simply because they lie outside the box we are currently in.”

If you were to come up with a punchline to a joke about the Monitor, that would probably be it. We’re seen as being global, fair, insightful, and perhaps a bit too earnest. We’re the bran muffin of journalism.

But you know what? We change lives. And I’m going to argue that we change lives precisely because we force open that too-small box that most human beings think they live in.

The Monitor is a peculiar little publication that’s hard for the world to figure out. We’re run by a church, but we’re not only for church members and we’re not about converting people. We’re known as being fair even as the world becomes as polarized as at any time since the newspaper’s founding in 1908.

We have a mission beyond circulation, we want to bridge divides. We’re about kicking down the door of thought everywhere and saying, “You are bigger and more capable than you realize. And we can prove it.”

If you’re looking for bran muffin journalism, you can subscribe to the Monitor for $15. You’ll get the Monitor Weekly magazine, the Monitor Daily email, and unlimited access to CSMonitor.com.

Subscribe to insightful journalism

QR Code to S&P 500 reaches 1900 for first time; Keurig soars
Read this article in
https://www.csmonitor.com/Business/Latest-News-Wires/2014/0513/S-P-500-reaches-1900-for-first-time-Keurig-soars
QR Code to Subscription page
Start your subscription today
https://www.csmonitor.com/subscribe