Economics
S&P 500 Has Best Week in 2015, Nike Paces Consumer Shares Rally
- Nike bolsters consumer shares on buyback, dividend boost
- Selloff in energy Friday restrains equities' weekly advance
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U.S. stocks advanced, with the Standard & Poor’s 500 Index capping its best weekly gain this year, as Nike Inc. paced a rally in consumer companies and European Central Bank President Mario Draghi hinted at additional stimulus.
Equities reversed most of last week’s selloff, boosted by a snap-back among retailers in the S&P 500. The group was on track for its strongest week in four years, immediately after suffering the worst weekly drop since 2011. Ross Stores Inc. and Gap Inc. helped power the sector’s rally Friday. Nike’s 5.5 percent gain bolstered the broader consumer group on its $12 billion buyback plan and dividend increase.