Economics
S&P 500 Rises to Seven-Month High as Investors Await Payrolls
- Claims data, ADP signal firmer labor market before May report
- Health-care companies wipe out 2016 losses, led by J&J
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U.S. stocks rose, with the S&P 500 reaching a seven-month high, amid signs of steady job gains that indicated the economy is strong enough for higher interest rates as early as this summer.
Equities extended a climb in the final hour of trading as health-care shares rallied to erase losses for the year, while retailers beaten down in May rebounded. Johnson & Johnson paced gains after agreeing to buy closely held Vogue International for about $3.3 billion. Signet Jewelers Ltd. tumbled 6.6 percent after negative comments in a newsletter, and Oracle Corp. sank the most this year after allegations of improper accounting practices.