U.S. stocks climbed, extending gains from the best quarter for the Standard & Poor’s 500 Index since 1998, as improving measures of manufacturing and home sales added to evidence that the worst of the recession is over. Crude oil fell, while gold gained the most in a week.
Kraft Foods Inc. led the Dow Jones Industrial Average higher as the second-largest foodmaker said it may expand factories in Russia. Yum! Brands Inc., owner of Taco Bell, rose 5 percent as Goldman Sachs Group Inc. recommended the shares. Eight of 10 industries in the S&P 500 advanced as the Institute for Supply Management’s factory index shrank at the slowest pace in 10 months and home resales increased for a fourth month.
The S&P 500, which capped a 15 percent quarterly surge yesterday, added 0.4 percent to 923.33 at 4:05 p.m. in New York. The Dow rallied 57.06 points, or 0.7 percent, to 8,504.06. Three stocks rose for each that fell on the New York Stock Exchange. Europe’s benchmark index gained, while Asia’s declined.
(Bloomberg.com)
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