U.S. stocks jumped, pushing the Standard & Poor™s 500 Index to within three points of an all-time high as online travel firms jumped with Cisco Systems Inc. and optimism over the Ukraine cease-fire agreement boosted risk appetite. The dollar sank while Treasuries rallied with crude oil.
The S&P 500 rose 1 percent to 2,088.48 by 4 p.m. in New York, close to the 2,090.57 record reached Dec. 29. Cisco™s 9.4 percent surge on better-than-estimated earnings helped drive the Nasdaq Composite Index to an almost 15-year high, while Expedia Inc. and TripAdvisor Inc. soared at least 14 percent on deal news. The Bloomberg Dollar Spot Index slid the most since 2013 as the yen jumped, while Treasuries snapped a five-day drop. U.S. oil rallied as more crude producers announced cutbacks.
Technology companies including Apple Inc. have bolstered S&P 500 gains this year, with the benchmark U.S. gauge whipsawed by investors amid a wave of global central bank easing and geopolitical tension. The accord to end fighting in eastern Ukraine will come into force Feb. 15, Russian President Vladimir Putin told reporters in Minsk, Belarus, after talks with French, German and Ukrainian leaders. At a meeting in Brussels, last-minute questions from Greek officials snagged progress toward an agreement with the euro area and creditors.
Source : Bloomberg