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Stocks Extend 2013 Rally, Treasuries Drop on Economy Data

Stocks rose, capping the best yearly gain for the Standard & Poor’s 500 Index since 1997, and Treasuries dropped as data on consumer confidence and home prices topped economists’ estimates. The yen headed for the biggest annual drop versus the dollar since 1979.

The S&P 500 increased 0.4 percent to a record 1,848.36, bringing its yearly gain to 30 percent. Volume for U.S. stocks was about 25 percent below the three-month average as trading slowed before the New Year’s holiday. Ten-year Treasury yields reached a two-year high above 3 percent. The yen fell versus the dollar and touched its weakest level since 2008 yesterday. Natural gas and coffee sank more than 3 percent to lead commodities lower.