U.S. Stocks Rise on Economic Optimism as Energy Rallies
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U.S. stocks rose, sending the Dow Jones Industrial Average to a record, as biotechnology and energy companies rallied and data on construction spending boosted confidence in the economy.
Biogen Idec Inc. led gains in health-care shares after its Alzheimer’s drug showed promising early results. Energy shares climbed 1.3 percent even as oil resumed a selloff, while railroads surged the most in a month. Genworth Financial Inc. slid 5.9 percent as JPMorgan Chase & Co. cut its price target on the shares.