U.S. stocks rose for an eighth straight week, driving the Standard & Poor’s 500 Index to the longest rally in almost a decade, as data on employment and consumer sentiment boosted confidence in economic growth.
U.S. stocks pared gains in the final minutes of trading before changes in MSCI indexes, offsetting a rally among homebuilders and technology shares. The Nasdaq Composite Index topped 4,000 for first time in 13 years.
U.S. stocks erased gains as investors sold equities in the final 30 minutes of trading before changes to MSCI Inc. indexes, trimming an earlier rally after improved housing data. Treasuries advanced while Europe’s benchmark gauge fell for the first time in three days.
More than a dozen Chinese developers gathered for breakfast at a Los Angeles hotel one Sunday earlier this month before taking off for meetings with property brokers, attorneys and potential business partners.
Ten-year Treasury yields jumped the most since July and gold slid as faster-than-forecast growth in U.S. payrolls fueled speculation the Federal Reserve may trim stimulus earlier than expected. The dollar strengthened against most major peers while U.S. stocks rallied.
U.S. stocks rose, pushing the Dow Jones Industrial Average to a record close, as a better-than- forecast jobs report added to signs growth is strong enough for the economy to withstand a stimulus reduction.
Shares of U.S. homebuilding companies have fallen more than 20 percent since May, even as home- improvement retailers rose to a record high, a sign some investors are too pessimistic that higher mortgage rates could derail new construction.
Speculation slower growth in hiring will extend Federal Reserve stimulus lifted U.S. stocks and pushed the annual advance in the Standard & Poor’s 500 Index within a percentage point of the best yearly gain in a decade.