The Dow Jones Industrial Average (15,548) and the S&P 500 Index (1,689) both hit record high closing levels yesterday after Federal Reserve Chairman reaffirmed midweek that the current stimulus program dubbed QE III will be in place for the foreseeable future. The program is geared towards boosting the economy, promoting job growth and keeping interest rates at low levels.
The jobless rate rose in 28 states across the nation in June and declined in just 11 as reported by the Labor Department today. This news is disappointing given that the jobs picture has been positive lately, but compared June of 2012, 37 states showed lower unemployment.
In corporate earning news, software giant Microsoft reported profits of $5 billion in the latest quarter with 66 cents earnings per share, below the 75 cents expected. Search engine behemoth Google earned $9.56 a share below the $10.78 expected while General Electric edged out estimates of 35 cents reported a 36 cent profit.
The sweltering heat across the nation have now impacted nearly 130 million people as the Midwest and the Northeast continue to be gripped by brutal temperatures. A massive dome of high pressure has been the cause, but it is supposed to break somewhat over the weekend.