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Stocks Climb to Record After Strong Economic Data: Markets Wrap

  • American service industries expand at fastest-ever pace
  • Google wins Oracle copyright row at the U.S. Supreme Court
Bloomberg business news

WATCH: Former U.S. Treasury Secretary Lawrence H. Summers, a Wall Street Week contributor, says President Biden’s infrastructure plan is a step in the right direction, and that raising corporate taxes to pay for it, will not hurt business.

Source: Bloomberg)
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Stocks rallied to a record after solid U.S. economic data added to evidence the recovery is gaining momentum. The dollar fell while Treasuries were little changed. Oil sank.

Most major groups in the S&P 500 rose, with the gauge extending gains into a third session. The Nasdaq 100 advanced 2%. Google’s parent Alphabet Inc. jumped as the U.S. Supreme Court ruled the company didn’t commit copyright infringement when it used Oracle Corp.’s programming code in the Android operating system. Tesla Inc. rallied after blowout delivery numbers from the electric-vehicle maker. GameStop Corp. slumped on plans to sell up to $1 billion worth of additional shares.