Small Caps Lead Stock Gains on Solid Economic Data: Markets Wrap
- Gauge of U.S. business output reached highest ever in April
- American new-home sales rose more than forecast last month
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Stocks climbed after strong economic data added to evidence the recovery is gaining momentum, with traders also assessing a batch of corporate earnings. The dollar retreated.
Most major groups in the S&P 500 advanced, led by financial and material shares. A gauge of smaller companies outperformed major benchmarks, while Tesla Inc. and Apple Inc. paced gains in megacap stocks. Blue chips Honeywell International Inc., American Express Co. and Intel Corp. weighed on the Dow Jones Industrial Average after their quarterly results.