S&P 500 Hits Record Amid Fed Confidence

Optimism that the Federal Reserve is committed to supporting a strengthening economy sent the Standard & Poor’s 500 Index to an all-time high and within eight points of the 2,000 milestone.

The S&P 500 jumped 0.3 percent to a record 1,992.37 at 4 p.m. in New York, rising for a fourth day, the longest streak in two months. The Dow Jones Industrial Average gained 60.36 points, or 0.4 percent, to 17,039.49. The measure is 0.6 percent below its record after closing above 17,000 for the first time since July 24. Financial shares rallied as Bank of America Corp. added 4.1 percent. Hewlett-Packard Co. surged 5.4 percent to lead technology companies.

“The market is really in a sweet spot for U.S. stocks, fundamentals continue to be very good,” Jeff Kravetz, the Phoenix-based regional investment director at US Bank’s Private Client Reserve, said via phone.

Bloomberg

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