By Chuck Mikolajczak
NEW YORK (Reuters) - Wall Street rose modestly on Monday, lifting the Dow to another record and giving the S&P 500 its seventh straight advance as early weakness enticed buyers. The gains briefly lifted the benchmark S&P 500 index to its highest intraday level since October 2007.
With the slight advance, U.S. stocks continued last week's rally with the Dow Jones industrial average ending at a record closing high, up 50.22 points, or 0.35 percent, at 14,447.29. The Standard & Poor's 500 Index rose 5.04 points, or 0.32 percent, to 1,556.22, just below its record closing high of 1,565.15 reached on October 9, 2007.
Earlier in the session the S&P 500 climbed as high as 1,556.27 - its highest intraday level since October 15, 2007.
The Dow has gained over 10 percent for the year, while the S&P 500 is up more than 9 percent.
The Nasdaq Composite Index added 8.51 points, or 0.26 percent, to close at 3,252.87.
Meanwhile, Wall Street's "fear gauge" closed at its lowest level since February 2007, suggesting investors were not spooked by Monday's brief pullback, despite expectations by many investors that a correction may be looming. The CBOE Volatility Index, known as the VIX, dropped 8.2 percent to 11.56.
U.S. equities have rallied since the start of the year, helped by signs of improvement in the economy and the support of equities by the Federal Reserve's quantitative easing program. These factors have contained recent pullbacks as investors have used them as a buying opportunity.
"These dips are consistently bought. There is definitely a soft floor for the market," said Peter Kenny, managing director at Knight Capital in Jersey City, New Jersey.
"It's a QE bid," Kenny said, referring to the Fed's policy of keeping short-term interest rates near zero since late 2008. "Quite frankly, earnings have not disappointed to the point where it is has been disrupted, and there is nothing out there that seems to be getting in the way of this slow but very consistent and methodical drift higher in the market."
But volume was light, with about 5.39 billion shares traded on the New York Stock Exchange, NYSE MKT and Nasdaq, below the daily average of 6.47 billion, suggesting the rally may be losing steam.
Wall Street had traded slightly lower earlier in the day as Italy's credit downgrade and disappointing Chinese economic data gave investors a reason to pause.
Earlier in the session, the Dow reached another lifetime intraday high, rising as high as 14,448.06.
Boeing Co
The U.S.-listed shares of BlackBerry
Dell Inc
Genworth Financial Inc
In contrast, Dick's Sporting Goods Inc
Advancing stocks outnumbered declining ones on the NYSE by 1,586 to 1,375, while on the Nasdaq, advancers beat decliners by 1,254 to 1,192.
(Reporting by Chuck Mikolajczak; Editing by Jan Paschal and Diane Craft)
Source: http://news.yahoo.com/wall-st-slips-china-data-italy-downgrade-134048498--finance.html
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