Gains from major companies such as Apple and Bank of America helped lift the S&P 500 Index to a new all-time high Wednesday. The S&P 500 Index gained 0.52 percent to close at 1,848.38, up roughly 25.0 percent in the past year, and slightly above its previous high of 1848.36. "The economy is improving, which means better corporate earnings. We have created more than 2 million jobs and at 10-year yield below 3%, markets can only go up. At current multiples, markets will go up even if the 10-year yields rise to 3.5%, because at a price-to-earnings ratio of 17.6, there is room for a bit more expansion," said John Fox, director of research at Fenimore Asset Management in Cobleskill, New York.
Bank of America Corp. (NYSE: BAC) shares traded in the range of $17.11 to $17.42 Wednesday before settling to close at $17.15, an increase of 2.27 percent. The stock appears to have some support at the $17.11, $16.79 and $16.68 levels. Shares of Bank of America have gained approximately 47.0 percent in the past year.
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Citigroup Inc. (NYSE: C) shares traded in the range of $54.36 to $55.17 Wednesday before settling to close at $54.99, an increase of 1.93 percent. The stock appears to have some support at the $54.48, $53.40 and $52.99 levels. Shares of Citigroup have gained approximately 30.0 percent in the past year.
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U.S. Bancorp (NYSE: USB) shares traded in the range of $41.08 to $41.57 Wednesday before settling to close at $41.50, an increase of 1.49 percent. The stock appears to have some support at the $41.44, $41.03 and $40.73 levels. Shares of U.S. Bancorp have gained approximately 23.0 percent in the past year.
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Wells Fargo & Co. (NYSE: WFC) shares traded in the range of $45.76 to $46.74 Wednesday before settling to close at $46.40, an increase of 1.79 percent. The stock appears to be facing some resistance at $46.49 with some support at the $45.92 and $45.60 levels. Shares of Wells Fargo have gained approximately 32.0 percent in the past year.
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