U.S. stocks rose, sending the Dow Jones Industrial Average toward a record close, as technology shares rebounded after a two-day selloff and earnings from Keurig Green Mountain Inc. to 21st Century Fox Inc. topped forecasts.
Groupon Inc. and Twitter Inc. climbed more than 5.5 percent to lead a rally among Internet companies. Keurig and 21st Century, the film and TV company controlled by billionaire Rupert Murdoch, added at least 6.5 percent. Tesla Motors Inc. dropped 7.9 percent after saying tight battery supplies will continue to restrain growth.
The Standard & Poor��s 500 Index rose 0.4 percent to 1,885.61 at 1:09 p.m. in New York, within six points of a closing record. The Dow gained 92.52 points, or 0.6 percent, to 16,611.06. The gauge climbed above its highest closing level reached last week. The Nasdaq Composite Index added 0.6 percent. Trading in S&P 500 stocks was 8 percent below the 30-day average during this time of day.
The Dow Jones Internet Composite Index gained 1.1 percent. The gauge dropped 4.9 percent in the last two days, led by Groupon, Twitter and Yahoo! Inc. An exchange-traded fund of social-media companies fell on eight of the past 11 days amid concern that user growth is slowing and valuations have become excessive.
Source : Bloomberg