U.S. stocks rose, extending the best quarterly rally for the Standard & Poor�s 500 Index since 1998, as higher oil prices lifted energy shares and investors speculated the recession is easing.
Exxon Mobil Corp. and Chevron Corp. gained as crude climbed above $71 a barrel. Microsoft Corp. added 1.9 percent after Deutsche Bank AG raised its price estimate for the world�s biggest software company. Ford Motor Co. rallied 4.5 percent after predicting the slowest slide in sales among major automakers. Treasuries advanced for a third day, sending 10-year yields to near the lowest level in four weeks.
The S&P 500, which capped its first back-to-back weekly declines since March on June 26, rose 0.8 percent to 926.59 at 3:13 p.m. in New York and is up 16 percent in the second quarter. The Dow Jones Industrial Average added 82.6 points, or 1 percent, to 8,520.99. Almost five stocks advanced for every three that fell on the New York Stock Exchange.
(Bloomberg.com)
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Meaningless since it was recovering from a deep decline. Stocks at worth less than they were 10 years ago, i.e., if someone took money in 1998 and put it in a mattress it would be worth more than someone who “invested” in an index fund.