Bloomberg
(06/11) -- U.S. stocks advanced, with the Standard & Poor’s 500
Index poised for a record close, as investors awaited data this week on
jobs and economic growth for clues on when the Federal Reserve will cut
stimulus.Time Warner Inc. gained 2.5 percent after reporting
profit that surpassed analysts’ estimates. Ralph Lauren Corp. climbed
3.7 percent after the apparel maker boosted the lower end of its sales
forecast and increased its dividends. Tesla Motors Inc. tumbled 11
percent as vehicle sales missed some analysts’ estimates. Abercrombie
& Fitch Co. slumped 5.2 percent to $35.75 after posting sales that
trailed expectations.The S&P 500 rose 0.5 percent to
1,772.38 at 10:02 a.m. in New York, surpassing its previous record of
1,771.95 on Oct. 29. The Dow Jones Industrial Average added 107.23
points, or 0.7 percent, to 15,725.45. A close at that level would top
the gauge’s all-time high set a week ago. Trading in S&P 500 stocks
was 3.8 percent below the 30-day average during this time of the day.Investors
are watching data to gauge the health of the U.S. economy after the Fed
said last week it needs to see more evidence of sustained improvement
before slowing the pace of its $85 billion monthly bond purchases. The
S&P 500 has surged 24 percent this year, heading for the best annual
performance since 2003, as company earnings beat forecasts and the
central bank maintained stimulus measures.
