The
Standard & Poors 500 Index rose to a record as a surge in
technology shares helped the benchmark index fully recover from a
seven-day selloff in early December.
Facebook Inc. and Intel Corp. rose more than 2 percent to pace gains among technology shares.
The
S&P 500 added 0.4 percent to 2,078.68 at 4 p.m. in New York, above
its previous record close of 2,075.37 reached Dec. 5. The S&P 500
has advanced in each of the past six Decembers.
U.S.
equities jumped 5 percent in the past three sessions as Fed Chair Janet
Yellen said the central bank will likely hold key rates near zero at
least through the first quarter, even as the U.S. economy strengthens.
A
slide in oil prices and a worsening of the financial crisis in Russia
rippled through financial markets earlier this month, wiping more than
$1 trillion from U.S. equity values in less than two weeks. The S&P
500 lost 5 percent in seven trading days through Dec. 16.
U.S.
stocks have tripled during the 5 1/2-year bull market, driven by the
Feds three rounds of bond buying and borrowing costs near zero to
stimulate the economy.
Data
today showed purchases of previously owned U.S. homes dropped more than
forecast in November as residential real estate struggles to sustain
its recovery even as borrowing costs remain low.
Source: Bloomberg
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