Economics
S&P 500 Rises to 7-Week High as Bank, Tech Shares Boost Rally
- Equity benchmark wipes out February losses that approached 7%
- Capital goods orders increase by the most since June 2014
What Will Stabilize Oil Prices?
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Gains in bank and technology shares helped send the Standard & Poor’s 500 Index to a seven-week high, amid optimism on the economy after data indicated weakness in manufacturing may be easing while crude oil showed further signs of stabilizing.
Lenders resumed their role as rally leaders, rising for the first time in three days after bolstering the equity rebound last week, with Bank of America Corp. up 1.6 percent. Microsoft Corp. and Intel Corp. added 1.4 percent to boost tech. Energy producers erased declines as crude wiped out losses. United Technologies Corp. stretched its increase this week to 11 percent amid talk of a possible merger with Honeywell International Inc.