DJIA Closes at Record High as Dow, S&P 500 Casually Ignore Taper

Michael Teague  |

Last year, the mere mention of less stimulus dollars from the Federal Reserve had the power to send markets into fits of wailing and hand-wringing. On Wednesday, however, and despite GDP data suggesting that the US economy barely grew during the first quarter, the US central bank pressed ahead with cuts to its Treasury spending program, slicing off another $10 billion for the fourth consecutive month to $45 billion, a reduction that cuts the Quantitative Easing program to nearly half of what it was back in December.

The Dow edged to a new all-time finish by the closing bell with the help of 3M Co. (MMM) , Goldman Sachs (GS) , and oil giant ExxonMobil (XOM) addings around one percent each, while the S&P 500 and Nasdaq were bolstered by tech stocks.

Results for Wednesday, April 30, 2014

Standard & Poor’s 500: +0.30 percent to 1,883.95

NASDAQ: +0.27 percent to 4,114.56

Dow Jones Industrial Average: +0.27 percent to 16,580.84

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●     Thom Calandra reports from Scottsdale Arizona on a presentation by Canadian pipeline services company Synodon ($STD:CA), who has new technology to detect oil and gas leaks.

●     For readers curious as to exactly how horizontal drilling works, here is a short collection of five different animated videos that provide the explanation.

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●     Senior Editor Jacob Harper argues that an IPO is in the offing for acquisition-resistant messaging service Snapchat.

Stocks

●     Joel Anderson has the scoop on the new classification standards at OTC Markets.

●     Senior Editor Jacob Harper takes a peek at Russian online payment company Qiwi plc (QIWI) .

●     Brachytherapy developer IsoRay (ISR) leapt some 30 percent during the day’s trading after encouraging results from a study were released.

●     Chinese copper producerLihua International (LIWA) was in free-fall during the day, with shares dumping half of their price after word got out that itsCEO was being investigated by Chinese authorities as well as Manhattan law firm Rosen.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Companies

Symbol Name Price Change % Volume
ISR IsoRay Inc. (DE) 0.39 0.03 8.76 302,154
MMM 3M Company 207.77 -0.76 -0.36 1,737,687 Trade
GS Goldman Sachs Group Inc. (The) 196.36 -2.24 -1.13 2,786,021 Trade
QIWI QIWI plc 14.19 -0.24 -1.66 124,591 Trade
CHSY China Medical Sys Inc 0.10 0.00 0.00 0
XOM Exxon Mobil Corporation 77.82 -0.71 -0.90 10,266,012 Trade

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Watchlist

Symbol Last Price Change % Change
AAPL

     
AMZN

     
HD

     
JPM

     
IBM

     
BA

     
WMT

     
DIS

     
XOM

     

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