Stocks Extend Weekly Advance After Economic Data: Markets Wrap
- Sales of previously owned homes surge by the most ever
- Apple shares jump with stock split record date approaching
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Stocks climbed, led by technology companies, after economic data bolstered optimism that a recovery from a pandemic-induced recession is on track. Treasuries and the dollar rose.
The S&P 500 notched its fourth straight weekly rally -- the longest winning streak this year -- to close at a fresh record. A sense of calm has prevailed amid light volume: It’s been 21 sessions since the gauge posted a drop of more than 1%. Apple Inc. jumped ahead of the record date of a 4-for-1 stock split on Monday. Deere & Co., the largest maker of agricultural machinery, surged after boosting its outlook. Homebuilders soared as data showed sales of previously owned homes rose the most on record in July.