Market Wrap: Dow, S&P 500 At Record Highs on Greek Debt Deal

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Richard Drew/AP
By Caroline Valetkevitch

NEW YORK -- The Dow and S&P 500 ended at record highs Friday while the Nasdaq notched an eighth straight day of gains after Greek and eurozone finance ministers reached a deal to extend heavily indebted Greece's financial rescue by four months.

The agreement removes the immediate risk of Greece running out of money next month and possibly being forced out of the single currency area.

The Nasdaq matched an eight-session winning streak from a year ago and inched closer to its 5,132.52 March 2000 all-time intraday high, reached just before the dot-com bubble burst. The S&P 500 ended slightly higher for the week as well, its third straight week of gains.

%VIRTUAL-pullquote-You're seeing a little bit better U.S. economic statistics than you've been seeing over the past three or four weeks. The European statistics have gotten a lot better, too.%The Greek accord will allow investors to concentrate on the fundamentals that should be driving the market, said Ben Pace, chief investment officer at HPM Partners in New York.

"You're seeing a little bit better U.S. economic statistics than you've been seeing over the past three or four weeks. The European statistics have gotten a lot better, too," Pace said. "So maybe a relief rally today, because the markets were down as there was a lot of consternation going around."

Shares of the Global X FTSE Greece 20 exchange-traded fund jumped 10.1 percent, while U.S.-listed shares of the National Bank of Greece surged 21.7 percent to $1.96.

The Dow Jones industrial average (^DJI) rose 154.67 points, or 0.86 percent, to 18,140.44, the Standard & Poor's 500 index (^GSPC) gained 12.85 points, or 0.61 percent, to 2,110.3 and the Nasdaq composite (^IXIC) added 31.27 points, or 0.63 percent, to 4,955.97.

For the week, the Dow was 0.7 percent, the S&P 500 was up 0.6 percent and the Nasdaq was up 1.3 percent.

Intuit (INTU) was among the Nasdaq's biggest positives, rising 6.2 percent to $96.72 a day after reporting a smaller-than-expected quarterly loss.

Shares of Mohawk Industries (MHK) were up 6.7 percent at $184.26, the biggest percentage gainer in the S&P 500, following results.

About 6.2 billion shares changed hands on U.S. exchanges, below the 7 billion average for the month to date, according to BATS Global Markets.

Advancing issues outnumbered decliners on the NYSE 2,085 to 990, for a 2.11-to-1 ratio; on the Nasdaq, 1,449 issues rose and 1,266 fell, a 1.14-to-1 ratio favoring advancers.

The S&P 500 posted 82 new 52-week highs and two new lows; the Nasdaq composite recorded 107 new highs and 23 new lows.

What to watch Monday:
  • The National Association of Realtors releases existing home sales for January at 10 a.m. Eastern time.
  • The Federal Reserve Bank of Dallas releases its February survey of manufacturing conditions in Texas at 10:30 a.m.
Earnings Calendar
These selected companies are scheduled to release quarterly financial results:
  • Alliant Energy (LNT)
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10 Surprising Facts About Retirement Life
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Market Wrap: Dow, S&P 500 At Record Highs on Greek Debt Deal
After decades of accumulating enough money to retire, it can be psychologically and emotionally challenging to spend down that money and watch your nest egg get smaller each year. "They are going to feel like they spent a lifetime accumulating this pile, and the idea of spending this down is just repulsive to them," says Alicia Munnell, director of the Center for Retirement Research at Boston College and co-author of "Falling Short: The Coming Retirement Crisis and What to Do About It." "For anyone who is retiring, I would give them permission to spend their money," she says.
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Social Security is a significant source of income for most retirees. Almost all retirees (86 percent) receive income from Social Security, and Social Security payments make up at least half of the retirement income of 65 percent of retirees and comprise 90 percent of retirement income for 36 percent of retirees. "Most seniors do not have much income other than Social Security," says Nancy Altman, co-director of the Strengthen Social Security coalition and co-author of "Social Security Works! Why Social Security Isn't Going Broke and How Expanding It Will Help Us All." The average monthly retirement benefit was $1,282 in December 2014.
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If you outlive your spouse or divorce, you might find yourself single again in retirement. While just over half (55 percent) of Americans age 65 and older are married, the rest are widowed (28 percent), divorced (12 percent), separated (1 percent) or never married (5 percent), according to census data. Some of these single seniors begin meeting new people and dating. There are a variety of online dating services that cater to people over 50.
As attractive as it sounds to move to the Sunbelt, most retirees don't relocate for retirement. Only 5.7 percent of Americans age 65 and older moved to a new residence between 2009 and 2013, and the people who do move most often relocate to the same state and even the same county, the Census Bureau found. Only 1 percent of retirees moved to a new state, and just 0.3 percent went overseas. Relocating to a new community in retirement often means leaving behind family and a support system that can be difficult to rebuild in a new place.
While the act of aging is an expected part of retirement, the loss of independence typically isn't as welcome. There may come a time when you can't drive, shovel your own walkway or climb on a chair to change a light bulb. You may even eventually need help with meals and bathing. Although the beginning of retirement is often full of fun and adventures, it's also a good time to make contingency plans for later down the road when you might not be able to care for yourself.
Retirees spend over half of their leisure time watching TV. Seniors ages 65 to 74 tune in for 3.92 hours on weekdays, and those 75 and older watch TV for an average of 4.15 hours each day, according to the 2013 American Time Use Survey by the Bureau of Labor Statistics.
Compared to the overall population, retirees ages 65 to 74 spend extra time lingering over meals, working on home improvement or garden projects and shopping, the American Time Use Survey found. Retirees also spend more time reading, relaxing and volunteering than younger folks.
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