U.S. Stocks Gain as Services, Jobs Data Boost Economic Optimism
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U.S. stocks rose, sending the Standard & Poor’s 500 Index to its highest close in more than two months, as faster-than-estimated growth in service industries and jobs quelled concern the economy is slowing.
Priceline.com Inc. jumped 22 percent after forecasting earnings that exceeded estimates. Barnes & Noble Inc. soared 19 percent as the biggest U.S. bookstore chain said it will consider selling the company. Benchmark indexes recovered after briefly erasing gains as Bloomberg News reported that China told lenders to conduct a new round of stress tests to gauge the effects of a deeper real-estate slump.