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S&P 500 Rises Above Record Close, Euro Rebounds on Cyprus

Stocks rallied, sending the Standard & Poor’s 500 Index (SPX) to a record, and the euro rebounded from a four-month low as the reopening of Cyprus banks eased concern about Europe’s debt crisis. Commodities erased early gains. Treasuries were little changed and the dollar fell.

The S&P 500 jumped 0.4 percent to 1,569.19 at 4 p.m. in New York , eclipsing its previous closing high of 1,565.15 set in October 2007. The Stoxx Europe 600 Index (SHCOMP) climbed 0.5 percent, while the euro appreciated 0.3 percent to $1.2819. German bunds erased an advance after the 10-year yield fell to the lowest in almost eight months. The yen was higher against most of its major peers, while the Dollar Index lost 0.3 percent. The S&P 500’s advance above its record close marks the completion of the recovery from a bear market that wiped out more than $10 trillion of value from the world’s largest stock market. Gains today came as Cyprus’s banks reopened with new rules curbing access to cash after being closed since March 16. German retail sales, adjusted for inflation and seasonal swings, increased 0.4 percent last month from January, while U.S. government data showed the economic growth slowed less than previously estimated last quarter. “It is encouraging that we finally hit that record but I expect in time we will move to higher levels,” Peter Jankovskis , the chief investment officer at Lisle, Illinois- based Oakbrook Investments LLC, said in a phone interview. His firm oversees $3.3 […]

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