U.S. stocks rose, with benchmark indexes extending all-time highs, as Apple Inc. rallied and the International Monetary Fund indicated it would raise its outlook for the economy.
The Standard & Poor’s 500 Index added 0.5% to 1,827.89. The Dow Jones Industrial Average advanced 76.49 points, or 0.5%, to 16,297.63.
The Dow jumped 3% last week and the S&P 500 climbed 2.4% as the Federal Reserve said it will reduce the pace of bond buying amid faster-than-estimated economic growth. The S&P 500 has advanced 28% in 2013, putting it on course for its biggest annual rally since 1997. Three rounds of monetary stimulus have sent the equities benchmark up more than 168% from a 12-year low in 2009.
A report last week indicated the U.S. economy expanded at a 4.1% annualized rate in the third quarter, as consumers stepped up spending on services and companies invested more in software. The reading was the strongest since the final three months of 2011 and up from a previous estimate of 3.6%, according to the report.
Data today showed that consumer spending rose in November by the most in five months as Americans took advantage of store discounts during the year-end shopping season, giving the world’s largest economy a lift.
A separate report showed the the Thomson Reuters/University of Michigan final index of consumer sentiment in December climbed to 82.5 from 75.1 a month earlier. The median forecast of economists called for 83 after a preliminary reading of 82.5.
Apple jumped 3.5% after the company struck a deal to sell its iPhones through China Mobile Ltd., the world’s largest phone company. T-Mobile US Inc. (TMUS) added 2.3% after people familiar with the situation said SoftBank Corp. Chief Executive Officer Masayoshi Son is exploring a deal for Sprint Corp. to buy the majority of the wireless-phone provider next year. Micron Technology (MU) Inc. slid 3.2% after Bank of America Corp. downgraded its rating on the stock.
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