US STOCKS-Dow, S&P 500 at new highs again as rally keeps rolling

Wed May 15, 2013 1:00pm EDT
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* Upward momentum persists, Internet shares among day's gainers

* Deere shares drop after outlook, drags on S&P 500

* Empire State Index contracts, PPI shows weak inflation pressure

* Dow up 0.5 pct, S&P 500 up 0.7 pct, Nasdaq up 0.4 pct

By Ryan Vlastelica

NEW YORK, May 15 (Reuters) - U.S. stocks climbed on Wednesday, with the Dow and S&P 500 hitting new all-time highs as the market's recent upward momentum persisted and offset some weak economic data.

The S&P 500 and the Nasdaq have risen for four straight sessions, extending their gains for the year. Equities have rallied in recent weeks as investors bet that central bank stimulus measures will keep supporting market gains.

Such policies have helped spur advances of about 15 percent in major indexes this year despite data showing some signs of lackluster growth.

In the latest reads on the economy, activity in New York state's manufacturing sector unexpectedly contracted in May, falling to minus 1.43 from 3.05, below expectations for an increase to 4. Another report showed that U.S. industrial production fell 0.5 percent in April, more than expected.   Continued...