Stocks Advance on Economic Data; Treasuries Trim Decline
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U.S. stocks rose, sending the Standard & Poor’s 500 Index above 1,400 for the first time since 2008, as reports on manufacturing and jobless claims bolstered optimism in the economy. Treasuries trimmed losses.
The S&P 500 climbed 0.6 percent to close at 1,402.6 at 4 p.m. in New York and the Dow Jones Industrial Average gained 58.66 points to 13,252.76, its highest close since December 2007. The 10-year Treasury yield added one basis point to 2.28 percent after gaining as much as eight basis points. Crude pared losses as an Obama official denied a report the U.S. and U.K. planned to release oil from strategic reserves.