#Finance U.S. Stocks Rise, S&P 500 Heads For Decade-Best Year Gain. U.S. stocks bolster, leaving the Standard & Poor’s 500 Index on track for the best annual advance since 2003, as weaker-than-predicted economic data fired up bets the Federal Reserve will continue stimulus at its meeting. Burger King Worldwide Inc. surged 5.8 percent after third-quarter sales surpassed calculations. Dendreon Corp. climbed 11 percent as people familiar with the matter stated that the drugmaker is looking for a purchaser. Merck & Co. moved 2.6 percent lower after reporting revenue that fell short of forecast. Apple Inc. recorded a 2.2 percent decrease after the market close as the maker of iPhones and iPads released results. The S&P 500 appreciated 0.1 percent to 1,762.11 at 4 p.m. in New York. The gauge has skyrocketed 23.6 percent this year, which would be the best annual advance since a 26.4 percent spike up in 2003. The Dow Jones Industrial Average depreciated 1.35 points, or less than 0.1 percent, to 15,568.93. About 5.9 billion shares were traded on U.S. exchanges, in line with the three-month average. “The most bullish thing a market can do is go up, and that’s what it’s been doing,” Bruce Bittles, chief investment strategist at RW Baird & Co., said by phone from Sarasota, Florida. His firm oversees $100 billion. “With Janet Yellen coming on stream and the latest jobs data that was a disappointment, that suggests that the Fed will continue to ease and print money until at least March and probably beyond.” The S&P 500 soared 0.9 percent last week for its third straight weekly advance, as indications of slower economic recovery fueled bets the Fed will wait until March before scaling back bond purchases. The gauge has logged a 4.8 percent gain this month as lawmakers agreed to increase the government’s borrowing ceiling
Posted on: Tue, 29 Oct 2013 08:53:33 +0000
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