S&P, Dow reach new records

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Posted: Tuesday, May 13, 2014 12:00 am

U.S. stocks climbed, pushing benchmark indexes to records, after Internet and small-cap shares rallied amid deals activity that boosted confidence in the world’s largest economy.

The Standard & Poor’s 500 Index rose 1 percent to close at 1,896.65, rising above its record from April 2. The Dow Jones industrial average added 112.13 points, or 0.7 percent, to 16,695.47, extending an all-time high. The Nasdaq Composite Index surged 1.8 percent, the most since January, to trim its decline this year to 0.8 percent.

“The global economy is accelerating, central banks are dovish, companies are making acquisitions and it’s hard to see what could keep the market down from here,” said Allan von Mehren, chief analyst at Danske Bank A/S in Copenhagen.

The S&P 500 has rallied 4.5 percent from an April 11 low, recovering all of its losses after a selloff in technology and small-cap stocks that overshadowed optimism about the strength of the economy.

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