U.S. stocks posted for
their first four-day winning streak since January, as semiconductor and
biotechnology shares rallied while weaker-than-expected retail sales
spurred speculation on timing for higher interest rates.
The Standard &
Poor’s 500 Index rose 0.4 percent to 2,108.86 at 4 p.m. in New York,
with the gauge surging above its average price during the past 50 days
and closing at a three-week high.
A report today showed
consumer purchases decreased 0.3 percent in June after a 1 percent
advance in May that was smaller than previously reported, curbing
optimism about the strength of the rebound in spending during the second
quarter.
The S&P 500 last
week fell as much as 4 percent from its all-time high, and has since
recovered to trade within 1 percent of its record set in May as the
Greek crisis neared a resolution and China shares stabilized. The
benchmark gauge and the Dow are up 3 percent over four sessions, while
the Nasdaq Composite has added 4 percent.
Source: Bloomberg
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