US STOCKS-Dow, S&P 500 end at record highs again, Google jumps

Wed May 15, 2013 5:12pm EDT
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* Internet shares among day's gainers; Google hits new high

* More top hedge funds dropped Apple shares in first quarter

* Credit Suisse fear barometer falls to one-year low

* Dow up 0.4 pct, S&P 500 up 0.5 pct, Nasdaq up 0.3 pct

By Angela Moon

NEW YORK, May 15 (Reuters) - U.S. stocks rose on Wednesday, with the Dow and S&P 500 hitting new all-time highs in a broad market rally as the recent upward momentum persisted.

The Nasdaq also hit its highest level since November 2000 although gains were limited by a steep decline in Apple . Shares of the tech giant sold off in late afternoon trading after filings from hedge funds showed that the one-time Wall Street darling was dropped by more famous hedge fund managers in the first quarter.

But shares of Apple's rival Google shot up to a new record high at $916.38 on news that it has adopted a streaming music business model. Google closed at $915.89, up 3.3 percent.

The day's gains were broad, with nine of the S&P 500's 10 sectors ending higher. Among the top gainers were the consumer staples sector index, up 1 percent, and the financial sector, also up 1 percent. The only decliner was the energy sector index, down 0.4 percent.   Continued...