U.S. stocks extended a rally, with the Standard & Poor’s 500 Index reaching a three-month high, as beaten-down commodity producers continued to pace the recovery from a third-quarter rout.
The S&P 500 rose 0.3 percent to 2,109.87 at 4 p.m. in New York, to close 1 percent below its all-time high set in May. The Nasdaq 100 Index, the first major U.S. stock gauge to retake a multiyear high established earlier in 2015, climbed 0.3 percent to finish at a record for the first time since the dot-com bubble.
The S&P 500 has rallied 13 percent since bottoming amid an August selloff that sent the benchmark into its first correction in four years. Fading concern that China’s slowdown will spread, optimism for further stimulus from central banks overseas and better-than-expected U.S. corporate earnings results have all have a hand in propelling the recovery.
As the Fed boosted prospects of an interest-rate increase last month, investors continue to look to data to gauge whether the world’s largest economy can withstand higher borrowing costs. A report today showed factory orders slipped more than expected in September, while the prior month’s decline was steeper than previously reported. That comes a day after separate data showed manufacturing activity remained stuck in neutral in October.
Source : Bloomberg