June 29 (Bloomberg) -- U.S. stocks rose, extending the best quarterly rally for the Standard & Poor’s 500 Index since 1998, as higher oil prices lifted energy shares and speculation grew that the recession is easing.
Exxon Mobil Corp. gained 2.2 percent as crude climbed above $71 a barrel. Microsoft Corp. added 2.2 percent after Deutsche Bank AG raised its price estimate for the world’s biggest software company. Ford Motor Co. rallied 3 percent after predicting the slowest slide in sales among major automakers. Treasuries advanced for a third day, sending 10-year yields to the lowest level in a month.
The S&P 500, which capped its first back-to-back weekly declines since March on June 26, rose 0.9 percent to 927.23 at 4:08 p.m. in New York. It is up 16 percent in the second quarter, which ends tomorrow. The Dow Jones Industrial Average added 90.99 points, or 1.1 percent, to 8,529.38. Three stocks advanced for every two that fell on the New York Stock Exchange.
“Some investors are assuming that we’ll see some economic numbers that may meet or exceed expectations this week,” said David Heupel, who helps manage $60 billion at Thrivent Financial for Lutherans in Minneapolis. “Whenever you’ve got some potential or existing data that shows that things are getting less bad, it forces some of the money on the sidelines to be put to work.” more...
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