U.S.
stocks rose, with the Standard & Poor™s 500 Index rising to an
intraday record, as consumer and technology shares rallied and an
increase in a manufacturing index boosted optimism the economy withstood
severe winter weather.Cisco Systems Inc. jumped 2.5 percent to lead technology shares higher. Celgene Corp. rallied 3.4 percent to pace gains among biotechnology stocks after entering a cooperation with a cancer-drug research firm. Wynn Resorts Ltd. added 2.2 percent to lead casino stocks higher after Macau gambling revenue increased last month. Ford Motor Co. climbed the most since September after March sales topped estimates.
The S&P 500 gained 0.4 percent to 1,879.36 at 12:27 p.m. in New York, trimming an earlier rally of 0.7 percent that put the gauge above its intraday record of 1,883.97 set March 21. The Dow Jones Industrial Average rose 60.60 points, or 0.4 percent, to 16,518.26. The Nasdaq Composite Index jumped 1.1 percent for a third day of gains. Trading in S&P 500 stocks was 3.3 percent above the 30-day average at this time of day.
Today marks the fifth time in the past month the S&P 500 climbed above 1,880, only to slip below that level. The gauge reached a closing high of 1,878.04 on March 7.
Copy Source : Bloomberg
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