Bloomberg (28/11)
-- U.S. stocks rose, extending a third monthly gain for the Standard
& Poor’s 500 Index, as Hewlett-Packard Co. led a technology rally
while data on employment and consumer confidence boosted optimism in the
economy.
 The
S&P 500 climbed 0.3 percent to a record 1,807.22 at 4 p.m. in New
York. The Dow Jones Industrial Average added 24.46 points, or 0.2
percent, to 16,097.26, also an all-time high. U.S. equity markets will
be closed tomorrow for the Thanksgiving holiday.
Today’s
data “is in some sense a re-affirmation that things are going along
pretty decently,” Bill Schultz, chief investment officer who oversees
about $1.1 billion at McQueen Ball & Associates in Bethlehem,
Pennsylvania, said by phone. “Are we going to get higher rates again? Is
tapering still out there? The market is playing with what’s going to
come next and how we position going forward given a number of
uncertainty still sitting out there.”
The
S&P 500 has climbed 2.9 percent in November as data on housing and
retail sales exceeded economists’ forecasts, stoking optimism that the
world’s largest economy will sustain growth when the Federal Reserve
starts reducing its monetary stimulus.
Data
today showed fewer Americans than projected filed applications for
unemployment benefits last week, a sign that the labor market is showing
resilience. The Thomson Reuters/University of Michigan final index of
consumer sentiment in November unexpectedly rose to 75.1 from 73.2 a
month earlier. The median forecast of 65 economists surveyed by
Bloomberg called for 73.1 after a preliminary reading of 72.
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