U.S.
stocks rose, after the Standard & Poor™s 500 Index fell for two
days, as investors awaited data on consumer confidence and new-home
sales for clues on the strength of the world™s largest economy.
The S&P 500 added 0.5 percent to 1,866.89 at 9:31 a.m. in New York. The Dow Jones Industrial Average increased 107.73 points, or 0.7 percent, to 16,384.42.
The
S&P 500 slid yesterday as economic data signaled a slowdown in
American manufacturing and biotechnology shares slumped. The benchmark
index reached an intraday record on March 21 as data indicated the
economy is pulling out of a slowdown linked to unusually harsh winter
weather.
Three
rounds of bond purchases from the Federal Reserve have helped fuel
economic growth, sending the S&P 500 surging as much as 178 percent
from its 2009 low. Fed Chair Janet Yellen said on March 19 that the
central bank™s stimulus program could end this fall and benchmark interest rates may rise about six months later.
Fed Bank of Philadelphia President Charles Plosser said in an interview on CNBC today that the central bank wants to get back to normal policy, and that he doesn™t think the Fed changed its position on a rate rise.
Source : Bloomberg
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