S&P 500 Rises to Record as Consumer, Tech Shares Rally Amid Data

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U.S. stocks rose, as consumer and technology shares pushed the Standard & Poor™s 500 Index to an all-time high, after an increase in a manufacturing index boosted optimism the economy withstood severe winter weather.

Cisco Systems Inc. jumped 3.9 percent, the most since May, to lead technology shares higher. Celgene Corp. rallied 5 percent to pace gains among biotechnology stocks after entering a cooperation with a cancer-drug research firm. MGM Resorts International added 2.6 percent to lead casino stocks higher after Macau gambling revenue increased last month. Ford Motor Co. climbed the most since 2012 after March sales topped estimates.

The S&P 500 gained 0.7 percent to 1,885.52 at 4 p.m. in New York. The Dow Jones Industrial Average rose 74.95 points, or 0.5 percent, to 16,532.61, the highest close this year. The Nasdaq Composite Index jumped 1.6 percent for a third day of gains. About 6.5 billion shares changed hands on U.S. exchanges, 6 percent lower than the three-month average.

Copy Source : Bloomberg