Stocks on a win­ning streak

The Washington Post Sunday - - BUSINESS -

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.

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