U.S.
stocks climbed after a two-day slide, as consumer shares rebounded amid
data showing household purchases rose the most in three months.
Biotechnology shares extended losses, weighing on the Nasdaq Composite Index.The Standard & Poor™s 500 Index added 0.5 percent to 1,857.55 at 4 p.m. in New York, paring an earlier gain of as much as 1 percent. The Dow Jones Industrial Average rose 58.22 points, or 0.4 percent, to 16,322.45.
The afternoon slump left the S&P 500 0.1 percent lower for the month. It is still 0.5 percent higher this quarter.
Investors have been selling the bull market™s biggest winners, locking in gains as they assess how much of the recent economic weakness is weather-related and if the situation in Ukraine will worsen.
The Nasdaq Biotechnology Index slumped 2.8 percent today, pushing its loss this week to 7 percent, while the Russell 2000 Index fell 3.5 percent in the past five days.
Consumer-discretionary shares rallied 0.8 today as data showed household spending in the U.S. rose in February by the most in three months as incomes increased.
Americans were shaking off the effects of the coldest winter in four years as they ventured out to shop, supported by a job market that™s also picking up speed.
Separate data indicated consumer confidence fell less than previously estimated in March.
Copy Source : Bloomberg
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