S&P 500 creeps near four-year high as Cisco surges

By Matthew Craft

| The Associated Press

First Published Aug 16 2012 07:13 am • Last Updated Aug 20 2012 09:29 am

New York • Encouraging earnings from Cisco and hopeful signs from the housing market have driven stock indexes near four-year highs.

The Standard & Poor’s 500 index gained 10 points Thursday to close at 1,416, three points shy of the high.

The Dow Jones industrial average added 85 points to 13,250. Cisco Systems led the Dow, surging 10 percent. The world’s largest maker of computer networking equipment reported earnings that beat expectations.

The Nasdaq composite rose 31 points to 3,062.

The government reported that construction of single-family homes dipped last month, but building permits jumped to their highest level since August 2008, a hint of stronger construction in coming months.

More than two stocks rose for every one that fell on the New York Stock Exchange. Trading volume was light at 3 billion shares.

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