Shares of Wal-Mart Stores Inc. of Bentonville hit a new 52-week high on Wednesday, reaching $62.63 during the trading day and closing up 1.3 percent to $62.18 per share.
Shares of the retailer, the world’s largest, haven’t traded in the $62 range since 2008, when it closed at $62.41 on Sept. 12. The highest Wal-Mart has traded in 10 years is $63.75, which it hit on March 15, 2002.
On Dec. 27, 1999, Wal-Mart hit its largest per share level ever, $69.12.
On Wednesday, Bank of America Merril Lynch analysts gave the retailer a favorable review in a note to investors.
"Despite trading in a range over the last 12 years, we believe 2012 could be a break-out year for WMT stock," analysts wrote, according to TheStreet.com. Analysts said Wal-Mart’s efforts to increase same-store sales are paying off and the retailer is positioning for e-commerce globally.
In all, U.S. stocks finished higher Wednesday after strong manufacturing data and encouraging reports from Greece. Stronger gains earlier in the day faded by the closing bell, though.
The Dow Jones industrial average rose 84 points, or 0.7 percent, to close at 12,716. The broader Standard & Poors 500 index rose almost 12 points, or 0.9 percent, to close at 1,324. The Nasdaq rose 34 points, or 1.2 percent, to 2,848.
(The Associated Press contributed to this report.)
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