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The Standard & Poor’s 500 Index rose toward the best week in a month, as retailers surged to a record, after improving corporate earnings and consumer confidence tempered lower-than-forecast economic growth.
Equities rose even after data showed the U.S. economy expanded at a 2.2 percent annual rate in the first quarter, less than the 2.5 percent increase forecast by economists. Confidence among U.S. consumers climbed in April to the highest level in a year, according to a separate report.
DOW 13,260.00 +55.33 0.42%
S&P 500 1,406.38 +6.40 0.46%
NASDAQ 3,072.79 +22.18 0.73%
Procter & Gamble Co. (PG) slumped 4 percent to $64.22 for the biggest loss in the Dow. The world’s largest consumer-products company reduced its full-year earnings forecast amid higher costs for raw materials.
Amazon surged 17 percent to $228.59. Chief Executive Officer Jeff Bezos is looking to add customers by pouring money into new versions of the Kindle and warehouses that are equipped to send out products faster. In the quarter when it was introduced last November, the Kindle Fire tablet rocketed to No. 2 in the market behind Apple Inc.’s iPad, according to IDC.
Expedia soared 27 percent to $41.50. “Gross bookings and revenue growth were again driven by strength in our hotel business with global room-nights growing 24 percent, a nice acceleration from the 19 percent we saw for the fourth quarter,” Dara Khosrowshahi, the company’s chief executive officer, said on a conference call yesterday.
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