U.S. stocks advanced, extending their eight-week highs with banks and energy shares rallying for a second day as improving data bolstered optimism on the economy.
The Standard & Poor’s 500 Index rose 0.4 percent to 1,986.36 at 4 p.m. in New York, holding at the highest since Jan. 6. The gauge surged 2.4 percent yesterday, the most in more than a month. The Russell 2000 Index jumped 1.1 percent.
A report today showed companies in the U.S. added more workers than forecast to their payrolls, another positive signal on the economy after gauges showing stability at American factories, major carmakers and in the public and private construction industries helped spur a rally yesterday. The improving data has also raised the odds the Federal Reserve will boost borrowing costs this year.
The S&P 500 has trimmed its 2016 decline to less than 3 percent, from more than 10 percent, amid a recovery from a 22-month low on Feb. 11. The benchmark is down 6.8 percent from an all-time high reached last May.
In Tuesday’s votes, Donald Trump and Hillary Clinton solidified their positions in the race to their parties’ presidential nominations. The impact on trading was muddied as global equities rebounded on the U.S. economic data and amid stability in China markets that spurred risk-taking.