U.S. stocks rose, sending benchmark indexes to all-time highs, as health-care and raw-material companies rallied amid speculation the economy is strong enough to overcome a global slowdown.
The Standard & Poors 500 Index rose 0.5 percent to 2,051.81 at 4 p.m. in New York, for its biggest gain since Nov. 5. The Dow Jones Industrial Average increased 40.07 points, or 0.2 percent, to 17,687.82.
The S&P 500 has rallied to records as better-than-expected earnings and economic data have increased confidence that the U.S. economy is able to weather a global slowdown even as the Federal Reserve winds down its stimulus program.
The equity benchmark has rebounded 10 percent from a six-month low in October and is trading at 17.1 times the projected earnings of its members, the highest multiple since 2009. JPMorgan Chase & Co. yesterday told investors to dump U.S. equities in favor of their European counterparts because of relative valuations.