Gains in bank and technology shares helped send the Standard & Poor’s 500 Index to a seven-week high, amid optimism on the economy after data showed weakness in manufacturing may be easing while crude oil showed further signs of stabilizing.
The S&P 500 climbed 1.1 percent to 1,951.75 at 4 p.m. in New York, with the gauge erasing its February decline.
The U.S. equity benchmark eliminated this month’s slide after losing as much as 6.7 percent at the close on Feb. 11. The benchmark continued its rebound from a nearly two-year low and has cut its 2016 drop by more than half.
The S&P 500 topped its average price during the past 50 days at 1,945 for the first time this year. It was the second run at that level this week after approaching it Monday as the benchmark reached a six-week high. The index last closed above the 50-day moving average on Dec. 29.
Source : Bloomberg