U.S.
stocks rose, extending to the highest levels this year, as central
bankers continued to spur optimism amid assurances that they will act to
stave off a global downturn.
The
Standard & Poor’s 500 Index climbed for a third day after yesterday
posting the strongest increase in two weeks as Federal Reserve Chair
Janet Yellen signaled officials will be cautious in raising rates due to
heightened economic risks overseas. The dollar headed for its steepest
monthly drop since 2010. Apple Inc. rallied to a three-month high,
boosting technology shares, while banks rose for the first time in six
days.
The S&P 500 added 0.4 percent to 2,064.04 at 4 p.m. in New York, pushing its 2016 gain to 1 percent.
The
S&P 500 has climbed nearly 13 percent from a 22-month low on Feb.
11, as crude prices rebounded from their lowest in 12 years and central
bankers from Europe to Japan and the U.S. signaled they will continue
efforts to support growth, calming concerns about a slowdown in the
global economy. The gauge has erased its 2016 decline and is heading for
a second quarterly advance. It has risen 6.8 percent in March, set for
the best month since October.
Traders
are pricing in no possibility of an April rate boost following Yellen’s
comments, while the chances for a June increase have fallen to 20
percent from 46 percent a week ago. December is now the first month with
at least even odds of higher borrowing costs. Despite those signals
from the market, Chicago Fed President Charles Evans said today the
economy will probably be strong enough to justify two increases in 2016.
Source: Bloomberg
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