Economics
U.S. Stocks Advance as Services Data Offset Bank Declines
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U.S. stocks rose, after benchmark indexes climbed to records last week, as an expansion in American service industries offset concern over growth in China and political tensions in Ukraine.
Apple Inc. climbed 1.4 percent to close above $600 for the first time since 2012. Biogen Idec Inc. and Gilead Sciences Inc. jumped at least 2.7 percent as biotechnology shares resumed their recovery from a two-month slide, leading gains in the Standard & Poor’s 500 Index. JPMorgan Chase & Co. declined 2.5 percent after saying a trading slump has deepened, driving financial shares to the biggest retreat among 10 S&P 500 groups. Pfizer Inc. fell 2.6 percent on disappointing sales.