S&P 500 Extends Record High While Euro Slumps on Economic Data
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Stocks rose, sending the Standard & Poor’s 500 Index to another record, as weakness in manufacturing and a drop in wholesale inflation fueled bets the Federal Reserve will be in no rush to scale back stimulus. The euro slid as the region’s recession deepened.
The Standard & Poor’s 500 Index increased 0.5 percent to 1,658.78 at 4 p.m. in New York, reaching an all-time high for the ninth time in 10 days. The yield on 10-year Treasuries slid three basis points to 1.94 percent, retreating from a two-month high. The Dollar Index jumped to the highest level since July as the euro slid to a six-week low. Gold and silver tumbled more than 2 percent to help lead commodities lower.