S&P hits a nine week high on hope for Greece
THE S&P 500 hit a nine-month high yesterday, fueled by strong US economic data and increased hopes for a deal on a Greek bailout next week.
The benchmark index posted its strongest percentage gain in two weeks, bouncing back from several sessions of back-and-forth action.
Sectors sensitive to economic growth paced the market, with technology, materials and financials leading on a day when all 10 S&P sectors finished higher.
The Dow Jones industrial average gained 123.21 points, or 0.96 per cent, to 12,904.16. The Standard & Poor’s 500 Index climbed 14.82 points, or 1.10 per cent, to 1,358.05. The Nasdaq Composite Index rose 44.02 points, or 1.51 per cent, to 2,959.85.
Bank shares rose, brushing off a warning from Moody’s about possible downgrades to credit ratings of 17 global and 114 European financial institutions.
And shares of Microsoft hit a 52-week high, garnering buying interest on heavy volume. The stock was the most actively traded on the Nasdaq, up four per cent.
The CBOE Volatility index dropped 8.7 per cent, its biggest decline since 9 December.