U.S. stocks climbed for a third week, pushing benchmark indexes to record levels, as companies from Walt Disney Co. to DirecTV beat earnings estimates and central banks worldwide stepped up monetary stimulus to boost growth.
The rally in U.S. stocks has driven the distance between the Standard & Poor’s 500 Index and its 200-day average toward peak levels that have coincided with the start of the biggest annual retreats in the last three years.
U.S. stocks rose, sending the Dow Jones Industrial Average briefly above 15,000 for the first time, as employment picked up more than forecast in April and the jobless rate unexpectedly declined to a four-year low.
Global stocks rose in April, beating bonds, the dollar and commodities for a second month, as gold and copper slumped into bear markets and investors bet equities will benefit from unprecedented economic stimulus.
U.S. stocks fell, dragging the Standard & Poor’s 500 Index from a record high, on slower growth in American payrolls and manufacturing as the Federal Reserve said it will maintain its bond buying to support the economy.
The dollar slid as U.S. business activity shrank for the first time in more than three years and investors bet the Federal Reserve won’t reduce its bond buying program. The Standard & Poor’s 500 Index rose to a record for a second day while industrial metals led commodities lower.