U.S. Stocks Close Higher on Signs of Strong Economy

U.S. stocks rose to a record, led by energy and small-cap shares, as data showing improvements in the American economy overshadowed concern over weaker growth overseas.

Best Buy (BBY) Co. jumped 7 percent as demand for televisions and tablets helped the retailer post a surprise sales gain. Dollar Tree Inc. advanced 5.2 percent after reporting third-quarter earnings that beat analysts’ estimates. Energy stocks rose the most of 10 groups in the S&P 500 as crude oil gained for the first time in four days. Intel Corp. led chipmakers higher after raising its dividend.

The Standard & Poor’s 500 Index (SPX) rose 0.2 percent to a record 2,052.75 at 4 p.m. in New York, erasing an earlier loss. The Dow Jones Industrial Average added 33.27 points, or 0.2 percent, to 17,719, also an all-time closing high. The Russell 2000 Index of smaller companies climbed 1.1 percent. About 5.7 billion shares traded hands on U.S. exchanges, 12 percent below the three-month average.

Bloomberg

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