S&P 500 Climbs in Week to Record on Debt Deal, Fed Stimulus Bets
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U.S. stocks rose for the week, sending the Standard & Poor’s 500 Index to a record, as Congress reached a deal to end the budget standoff and speculation grew that the Federal Reserve will maintain monetary stimulus.
Google Inc. led the week’s rally in the S&P 500, surging 16 percent and topping $1,000 for the first time after posting better-than-forecast earnings. Morgan Stanley climbed 6.2 percent as profit beat analysts’ estimates amid a gain in equity-trading revenue. FedEx Corp. jumped to a record after announcing its biggest repurchase program ever. International Business Machines Corp. tumbled 6.7 percent as sales fell for the sixth straight quarter.