U.S. stocks gained for a fifth week, with benchmark indexes reaching all-time highs, on signs the U.S. economy is improving and central banks from China to Europe are taking additional stimulus measures.
Energy and raw-material stocks advanced as oil climbed for the first time in eight weeks. Caterpillar Inc. paced gains among industrials as China cut its benchmark interest rates for the first time since July 2012 and European Central Bank President Mario Draghi said he will do what is necessary to raise inflation. Best Buy Co. jumped 7.2 percent as retailers surged amid better-than-estimated earnings.
The Standard & Poor’s 500 Index (SPX) rose 1.2 percent to 2,063.50 for the five days, the biggest weekly advance this month. The Dow Jones Industrial Average (INDU) gained 175.32 points, or 1 percent, to 17,810.06. The Stoxx Europe 600 Index climbed 2.9 percent as Germany’s DAX Index surged 5.2 percent, the most since July 2013. The MSCI Asia Pacific Index slipped 1.3 percent.