U.S. Stocks Near Four-Year High While Treasuries Rebound
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U.S. stocks rose, sending benchmark indexes to near the highest levels in more than four years, amid better-than-forecast economic data. Treasuries halted a four-day drop, pulling 10-year yields down from a three-month high.
The Standard & Poor’s 500 Index climbed 0.2 percent to 1,418.16, less than one point below its highest closing level since May 2008, and the Dow Jones Industrial Average briefly topped its best close since December 2007. Rates on 10-year notes lost two basis points to 1.81 percent after yesterday climbing as high as 1.86 percent, matching their 200-day moving average. The Stoxx Europe 600 Index rose to a 13-month high and Spain’s bonds rallied as concern over the debt crisis eased.