U.S. Stocks Gain for Week on Earnings, Stimulus Optimism
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U.S. stocks advanced for the week, sending the Standard & Poor’s 500 Index to a record, amid optimism that global stimulus efforts and corporate earnings growth will continue to power the world’s largest economy.
Equities halted a four-day rally on the last session of the week amid disappointing retail sales and tumbling commodity prices. Consumer-discretionary stocks led gains as all 10 S&P 500 groups rose. L Brands Inc. and Ross Stores Inc. climbed at least 9 percent amid higher-than-estimated sales. Newmont Mining Corp. slumped 7.6 percent as gold entered a bear market.