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U.S. stocks rose, extending the weekly rally for the Standard & Poor’s 500 Index, as expansion in U.S. industrial purchases and stronger new-home sales offset weaker-than-forecast consumer spending.
Orders for U.S. durable goods rose in November by 3.8 percent, the most (SPXL1) in four months, and more than the 2.2 percent economists had predicted, data from the Commerce Department showed today in Washington. Consumer spending and incomes rose less than forecast in November, while sales of new U.S. homes rose 1.6 percent to a 315,000 annual pace in November, a seven- month high, and matching the forecast, data show.
Congress passed a two-month payroll tax cut extension today, eight days before its scheduled expiration, after House Republicans dropped their objections under growing political pressure. House Speaker John Boehner agreed late yesterday to extend the tax cut, capping a month of wrangling that led to a revolt by House Republicans over the bipartisan deal passed by the Senate on Dec. 17 in an 89-10 vote. The plan approved today will go to President Barack Obama for his signature.
All 10 industries advanced at least 0.1 percent today, led by telephone-company shares. U.S. stock markets will be closed Dec. 26 for the Christmas holiday.
Rambus jumped 15 percent to $8.45. The agreement with Irvine, California-based Broadcom ends all litigation, including claims related to Broadcom’s alleged past use of patented Rambus technology. The license runs for five years, with undisclosed financial terms, Rambus said in a statement.
Verizon climbed 1.2 percent to $39.76. Disney increased 1.1 percent to $37.37, while Bank of America rallied 1.1 percent to $5.53.
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