U.S.
stocks rose, sending benchmark indexes to all-time highs, as
health-care and raw-material companies rallied amid speculation the
economy is strong enough to overcome a global slowdown.
The
Standard & Poors 500 Index rose 0.5 percent to 2,051.81 at 4 p.m.
in New York, for its biggest gain since Nov. 5. The Dow Jones Industrial
Average increased 40.07 points, or 0.2 percent, to 17,687.82.
The
S&P 500 has rallied to records as better-than-expected earnings and
economic data have increased confidence that the U.S. economy is able
to weather a global slowdown even as the Federal Reserve winds down its
stimulus program.
The
equity benchmark has rebounded 10 percent from a six-month low in
October and is trading at 17.1 times the projected earnings of its
members, the highest multiple since 2009. JPMorgan Chase & Co.
yesterday told investors to dump U.S. equities in favor of their
European counterparts because of relative valuations.
Source: Bloomberg
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