Economics
S&P 500 Surges to Record on Fed Bets After Debt Deal
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U.S. stocks rose, sending the Standard & Poor’s 500 Index to a record, as speculation grew that the Federal Reserve will maintain the pace of stimulus after Congress ended the budget standoff.
American Express Co. rallied the most in nearly two years after reporting third-quarter profit that beat analysts’ estimates. Newmont Mining Corp., the second-largest gold miner, jumped 4.6 percent as the price of the precious metal surged. International Business Machines Corp. sank 6.4 percent after posting its sixth consecutive drop in quarterly sales. Goldman Sachs Group Inc. dropped 2.4 percent as the bank reported a 20 percent drop in revenue.