U.S. stocks rose, with the Standard & Poor’s 500 Index near a record, as investors weighed economic data for clues on the timing of higher interest rates amid optimism that a deal on Greek aid is within reach.
The S&P 500 Index climbed 0.1 percent to 2,124.31 at 4 p.m. in New York, after earlier rising within three points of its record close. The Nasdaq Composite Index increased 0.1 percent to an all-time high for a second day.
The S&P 500 had its biggest weekly gain since April in the period ended Friday after the Federal Reserve signaled it won’t be raising rates quickly as officials hold out for more decisive evidence of an economic rebound. Three rounds of Fed bond purchases and near-zero interest rates helped the benchmark more than triple during the six-year bull market.
Fed Governor Jerome Powell said today the chances are about 50-50 that the U.S. economy will improve enough for the central bank to raise interest rates in September, as the job market strengthens and signs of wage growth emerge.
Source : Bloomberg