U.S. stocks climbed, pushing benchmark indexes to records, after Internet and small-cap shares rallied amid deals activity that boosted confidence in the world’s largest economy.
The Standard & Poor’s 500 Index (SPX) rose 0.9% to 1,895.86, rising above its closing record from April 2. The Dow average added 114.59 points, or 0.7%, to 16,697.93, topping its intraday record from April 4.
The Nasdaq Composite Index jumped 1.8%.
Some of the technology shares hardest hit last week rebounded today. Twitter Inc. (TWTR) added 5.7% after falling 18% last week, the most since its initial public offering in November. Facebook Inc. rose 3.9% following a 5.3% drop last week. Yahoo! Inc. gained 1.8% after slumping 8.4% last week, the most since September 2011.
About 76% of the 453 S&P 500 companies that have released results this earnings season have beaten estimates for profit, while 53% have exceeded revenue projections.
Profit at the companies will probably rise 7.2% this year, as sales will climb 4%, according to analysts’ estimates.
Salesforce.com Inc. and TripAdvisor Inc. jumped at least 6.4% as all of the 41 members in the Dow Jones Internet Index rose. The gauge surged 3% after last week plunging 3.6%.
21st Century Fox Inc. jumped 3.2% after reports that Rupert Murdoch’s British Sky Broadcasting Group Plc is in talks to buy European pay TV assets from Fox.
Pinnacle Foods Inc. surged 13% after Hillshire Brands Co. agreed to buy it for about $6.6 billion including debt.
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