The Dow rose, closing above 15,000 for a second day after breaking the barrier for the first time Tuesday. Wednesday offered no big economic news so investors focused on earnings. Although earnings growth has slowed, profits are at record levels and projected to rise through the year. AOL stock plunged, though; its subscription revenue fell. Wendy’s slumped after its revenue fell short of expectations. Scott Wren, a strategist at Wells Fargo, predicts more gains in the short term, but says a pullback is likely at some point because the market’s rise is beginning to overstate the improvement in the economy. ‘I do think the market is ahead of itself,’ he said.
May 09, 2013
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