Bloomberg (23/10) -- Speculation slower growth in hiring will extend Federal Reserve stimulus lifted U.S. stocks and pushed the annual advance in the Standard & Poor’s 500 Index within a percentage point of the best yearly gain in a decade.The S&P 500 rose 0.7 percent to 1,757.34 at 3:29 p.m. in New York after closing at a record yesterday, bringing its increase since December to 23.2 percent. The gauge would have to reach 1,761 to surpass the 23.5 percent surge in 2009 and be poised for the largest annual rise since 2003, when it climbed 26.4 percent. American stocks have rallied amid $85 billion in monthly bond purchases by the Fed aimed at jumpstarting the economy and record earnings.
Unlike in 2003, when gains in the S&P 500 followed a 49 percent plunge after the bursting of the technology bubble, this year’s advance is building on strength. The benchmark gauge for American equities had already doubled from its 12-year low in March 2009 through the end of 2012. Almost $13 trillion has been restored to U.S. equity values during the 4 1/2-year bull market, data compiled by Bloomberg show.
The Dow Jones Industrial Average advanced 101.79 points, or 0.7 percent, to 15,493.99 today, the highest in a month. Trading in S&P 500 stocks was 26 percent above the 30-day average during this time of day.
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