U.S. stocks gained, pushing the Standard & Poor’s 500 Index to a 32-month high, as a higher forecast for economic growth from the Federal Reserve, improving earnings and takeovers bolstered confidence in equities. Dell Inc. surged 12 percent, the most since December 2008, as earnings beat analysts’ estimates on business spending. Deere & Co. gained 2.4 percent to a record after boosting its full- year profit forecast. Genzyme Corp. rose 1.1 percent as Sanofi- Aventis SA agreed to buy the company for $20.1 billion and Family Dollar Stores Inc. soared 21 percent as Nelson Peltz offered to acquire the retailer for as much as $7.6 billion.
The S&P 500 rose 0.6 percent to 1,336.32 at 4 p.m. in New York, the fourth gain in five days. The Dow Jones Industrial Average rallied 61.53 points, or 0.5 percent, to 12,288.17. The Nasdaq Composite Index added 0.8 percent to 2,825.56, while the Russell 2000 Index climbed 1 percent to 828.37. Both gauges rose to the highest level since October 2007.
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U.S. Stocks Advance as Federal Reserve Grows More Optimistic on Growth
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U.S. Stocks Advance as Federal Reserve Grows More Optimistic on Growth
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