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S&P 500 hits another new high

Oct. 23, 2013 @ 12:00 AM

NEW YORK -- The prospect of more economic stimulus from the Federal Reserve pushed the Standard & Poor's 500 index to a fourth consecutive record close Tuesday.

Investors also were encouraged by strong earnings from major U.S. companies such as Whirlpool, Delta Air Lines and Kimberly-Clark.

The U.S. economy added 148,000 jobs in September, the Labor Department reported Tuesday, lower than the 180,000 jobs forecast. The report was delayed for 2 1/2 weeks because of a 16-day partial government shutdown.

Analysts are also expecting the upcoming jobs report for October to be weak because the shutdown may have dampened hiring.

In the absence of stronger jobs growth, the economy will struggle to grow quickly and that means the Fed is unlikely to stop its stimulus effort anytime soon.

On Tuesday, the S&P 500 index rose 10.01 points, or 0.6 percent, to 1,754.67. The Dow gained 75.46 points, or 0.5 percent, to 15,467.66. The Nasdaq composite advanced 9.52 points, or 0.2 percent, to 3,929.57.

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