The advance in the Standard & Poor’s 500 Index that sent the gauge above its average level in the last 200 days yesterday may spur more gains as investors become convinced the rally will last.
Signs the U.S. economy is expanding pushed the benchmark index for American equities up 2.4 percent to 1,115.23 yesterday, erasing its loss for the year and exceeding by 6.5 points the level monitored by investors who base trading decisions on chart patterns. The S&P 500 rose near the 200-day mean on June 3 and May 27 before declining as much as 5 percent in the next two days, according to data compiled by Bloomberg. (more)
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