U.S. stocks extended a
rally, with the Standard & Poor’s 500 Index reaching a three-month
high, as beaten-down commodity producers continued to pace the recovery
from a third-quarter rout.
The S&P 500 rose
0.3 percent to 2,109.87 at 4 p.m. in New York, to close 1 percent below
its all-time high set in May. The Nasdaq 100 Index, the first major U.S.
stock gauge to retake a multiyear high established earlier in 2015,
climbed 0.3 percent to finish at a record for the first time since the
dot-com bubble.
The S&P 500 has
rallied 13 percent since bottoming amid an August selloff that sent the
benchmark into its first correction in four years. Fading concern that
China’s slowdown will spread, optimism for further stimulus from central
banks overseas and better-than-expected U.S. corporate earnings results
have all have a hand in propelling the recovery.
As the Fed boosted
prospects of an interest-rate increase last month, investors continue to
look to data to gauge whether the world’s largest economy can withstand
higher borrowing costs. A report today showed factory orders slipped
more than expected in September, while the prior month’s decline was
steeper than previously reported. That comes a day after separate data
showed manufacturing activity remained stuck in neutral in October.
Source : Bloomberg
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