U.S. stocks rose, restoring the Standard & Poor’s 500 Index’s gain for the year and paring a monthly decline as retailers and technology shares rallied in light trading.
Amazon.com Inc. paced gains among retailers for a second day, rising 2.6 percent to a record in post-holiday trading that was 38 percent below the 30-day average for this time of day. Kohl’s Corp. and Target Corp. increased more than 2.5 percent. Pep Boys added 7.8 percent after Carl Icahn raised his takeover offer for the auto-parts chain to more than $1 billion. Google parent Alphabet Inc. rose 1.8 percent to bolster gains in technology shares.
The S&P 500 advanced 0.8 percent to 2,073.64 at 12:03 p.m. in New York, after slipping 0.2 percent Monday in the lightest volume for a full session on U.S. exchanges this year. The gauge is above its average price during the past 50 days. The Dow Jones Industrial Average climbed 160.90 points, or 0.9 percent, to 17,689.90. The Nasdaq Composite Index gained 1 percent.
The benchmark gauge is now up 0.7 percent for the year, having fluctuated between gains and losses throughout December on the back of the Fed’s first interest-rate increase in almost a decade. That compares with a 3.6 percent drop this year on the MSCI All Country World Index. Still, stocks are defying the historical trend of gains in the final month of the year, with the S&P 500 down 0.3 percent, trimming a drop of as much as 3.6 percent.
Source : Bloomberg