Economics
S&P 500 Gains as Retailers Surge to Record on Earnings Reports
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The Standard & Poor’s 500 Index capped the best week in a month, as retailers surged to a record, after improving corporate earnings and consumer confidence tempered lower-than-forecast economic growth.
Retailers in the S&P 500 climbed 3.5 percent for the biggest gain among 24 groups. Amazon.com Inc., the largest Internet retailer, and Expedia Inc., an online-travel company, surged at least 15 percent as earnings beat estimates. A gauge of homebuilders in S&P indexes rallied 3 percent to the highest level since October 2008. Starbucks Corp. tumbled 5.3 percent as same-store sales trailed analysts’ projections.