S&P 500 Has First Rise in Three Weeks on Fed Speculation
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The Standard & Poor’s 500 Index had its first weekly gain since Aug. 2 as investors weighed minutes of the Federal Reserve’s July meeting and economic data to gauge the prospect of monetary stimulus.
Microsoft Corp. rallied 9.3 percent as the world’s largest software maker said Chief Executive Officer Steve Ballmer will retire. Best Buy Co. jumped 16 percent after posting its biggest quarterly profit in more than two years. Hewlett-Packard Co., Abercrombie & Fitch Co. and Staples Inc. plunged more than 15 percent as earnings forecasts disappointed investors. Homebuilders slid 2.2 percent as a group as purchases of new U.S. homes plunged.