Stocks leap to record; SP 500 tops 1,700 Wells Fa
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Stocks leap to record; S&P 500 tops 1,700
Wells Fargo analyst: Market comfortable with September tapering
NEW YORK (MarketWatch) — U.S. stocks leapt on Thursday, with the S&P 500 surpassing 1,700 for the first time, after the Federal Reserve said it would continue stimulus and data showed jobless claims falling to a five-year low and a manufacturing index surging to a two-year high.
“Seventeen-hundred is our year-end target, so this has been faster and stronger than we expected,” said Marc Doss, regional chief investment officer at Wells Fargo Private Bank, referring to the S&P 500. Read: Main Street and Wall Street may be on a collision course.
After climbing 5% in July, its largest monthly jump since January, the S&P 500 index (SNC:SPX) on Thursday rose 21.14 points, or 1.3%, to 1,706.87, clearing 1,700 for the first time. http://www.marketwatch.com/story/us-stocks-ra...2013-08-01
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