Best U.S. Stocks Rally Since 2014 Fueled by Optimism in Economy
- S&P 500 has gained 7.3 percent over the past three weeks
- Payroll and manufacturing data beat expectations this week
The New York Stock Exchange (NYSE) stands across Wall Street from a bronze George Washington statue in New York, U.S., on Monday, Feb. 29, 2016.
Photographer: Michael Nagle/BloombergInvestors spent the first six weeks of the year concerned the economy stood on the precipice of a recession. Now they’re enjoying the best three-week stretch for U.S. stocks since 2014.
The Standard & Poor’s 500 Index jumped 2.7 percent over five days, bringing its run during the past three weeks to 7.3 percent. A surge in hiring delivered a vote of confidence in the world’s largest economy, while oil’s rebound from a 12-year low eased deflation concerns and recent actions in China added to optimism the nation can tamp down volatility that’s roiled global markets. Together, it added up to a third straight week of S&P 500 advances that topped 1.5 percent, the longest stretch with gains of that size since 2009.