NEW YORK: The S&P 500 and Dow rose in a broad-based advance on Friday with technology, healthcare and financial stocks providing the biggest lift as investors bet on a recovery that is expected to deliver the fastest economic growth since 1984.
"It is less a move out of technology than a move that evidences a broader appetite for equities to include both growth and value," said John Stoltzfus, chief investment strategist at Oppenheimer Asset Management in New York. By 2:33 p.m. EDT, the Dow Jones Industrial Average rose 166.03 points, or 0.51per cent, to 32,785.51. The S&P 500 gained 21.12 points, or 0.54per cent, to 3,930.64 and the Nasdaq Composite dropped 55.01 points, or 0.42per cent, to 12,922.67.
"It has been hard to restrain our U.S. growth forecast in recent months. We've been upgrading our estimates almost as fast as we lowered them a year ago," Carl Tannenbaum, chief economist at Northern Trust, told the Reuters Global Markets Forum.Bank stocks added 0.8per cent as the Fed said it would lift income-based restrictions on bank dividends and share buybacks for"most firms" in June after its next round of stress tests.
Nine of the 11 major S&P sectors rose with only communication services and consumer discretionary indexes in the red.
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