Stocks on a winning streak
Renewed worries about banks fail to stem the Dow’s longest advance since April.
U.S. stocks advanced for the sixth consecutive week, the longest streak since April, as improving manufacturing and service-industry data lifted confidence in the world’s largest economy.
Bank of America and Hewlett-Packard led gains in the Dow Jones industrial average, with the lender up 6.8 percent after settling loan disputes. Equities trimmed gains Friday as a Labor Department report showed the nation added fewer jobs than forecast and two banks lost a foreclosure case.
The S&P 500 climbed 1.1 percent to 1271.50 last week, the biggest weekly gain in a month. The benchmark gauge forU.S. stocks jumped on Wednesday to 1276.56, its highest close since Sept. 2, 2008. The Dow added 97.25 points, or 0.8 percent, to 11,674.76.
“By and large, the economic data continues to improve,” said Mark Dow, who helps manage $3.5 billion at PharoManagement in New York. “Risky assets had a really nice run since September onward, and a lot of people were worried about a choppy start to the year. With everyone concerned about a correction, it makes it harder to get that correction, so we’re seeing this grind higher.”
The Treasury will sell $29 billion in threemonth and $28 billion in six-month bills Monday. They yielded 0.15 percent and 0.18 percent, respectively, in when-issued trading. The U.S. also plans to sell $32 billion in three-year notes on Tuesday, $21 billion in 10-year Treasuries on Tuesday and $13 billion in 30-year bonds on Thursday. They yielded 1.047 percent, 3.33 percent and 4.5 percent respectively in when-issued trading.