Shares rise despite downbeat economic report
The Standard & Poor’s 500 index climbed to its highest level in 17 months today as strong earnings and merger news helped the stock market shake off a weak consumer spending report. The three main gauges posted a weekly and monthly gain.
Trading was choppy as the Dow Jones industrials and the S&P bounced above and below 52-week highs for most of the day. Analysts said largely positive economic news persuaded investors that the economic recovery was on track.
