S&P 500 Climbs to Within Three Points of Record as Dollar Slumps
Here’s Why S&P 500 Can Hit 2320 This Year: Purves
U.S. stocks jumped, pushing the Standard & Poor’s 500 Index to within three points of an all-time high as online travel firms jumped with Cisco Systems Inc. and optimism over the Ukraine cease-fire agreement boosted risk appetite. The dollar sank while Treasuries rallied with crude oil.
The S&P 500 rose 1 percent to 2,088.48 by 4 p.m. in New York, close to the 2,090.57 record reached Dec. 29. Cisco’s 9.4 percent surge on better-than-estimated earnings helped drive the Nasdaq Composite Index to an almost 15-year high, while Expedia Inc. and TripAdvisor Inc. soared at least 14 percent on deal news. The Bloomberg Dollar Spot Index slid the most since 2013 as the yen jumped, while Treasuries snapped a five-day drop. U.S. oil rallied as more crude producers announced cutbacks.