S&P 500 Rises to Highest Level Since 2008

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US Economy
US Economy

The Standard & Poor's 500-stock index closed Friday at its highest level since June 2008 as a result of the rise of the U.S. stocks subsequent to increasing confidence on revival of economic situation with the approval of the Greece bailout package.

The Standard & Poor's 500 Index gained 2.28 points, or 0.17 percent, to end at 1,365.74.

Meanwhile, The Dow Jones Industrial Average rose by 33.08 points, or 0.3 percent, to end at 12,982.95.

Among the ten S&P 500 industries the highest rise was seen by energy companies, which climbed by 1.9 percent following the crude oil future crossing $109 a barrel. Chevron Corp., which is the second largest U.S. energy company, saw its stock value increasing by 2.3 percent to $109.08.

Oil prices have continued to rise subsequent to anticipation of increase in the demand with eurozone finance ministers coming to an agreement on a rescue package for Greece and also the crisis in Iran intensifying. Going by the American Automobile Association, gasoline prices could rise as high as $4.25 by the end of May.

An important reason for the rise in S&P 500 is the surge of Apple stocks. Its shares have risen 17 percent over the past month, the biggest gain since August 2009.

Most analysts have price targets on the stock of $560 or much more. Apple stock rose 26 percent last year and was the 55th-best stock in the S&P 500. Apple closed Friday at $522.41.

With respect to the U.S. economy so far the signs for this year are positive. The unemployment rate also fell to 8.3 percent in January, the lowest rate since February 2009, according to a Labor Department report.

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