US stocks advanced, extending the longest winning streak for the Standard & Poor’s 500 Index since July, as data showed China’s economy is improving amid signs of easing tensions over Syria.
The S&P 500 advanced 0.7% to 1,683.99 at 4 p.m. in New York. The index has gained for six straight days, the most since July 15. The Dow rose 127.94 points, or 0.9%, to 15,191.06 today. About 6.6 billion shares changed hands on U.S. exchanges, 11% above the three-month average.
The S&P 500 has risen 3.1% in the first six trading days of the month, recovering from a drop of as much as 4.6% since a record high on Aug. 2.
“The news from Syria is positive and we had decent economic data out of China,” Gary Flam, a portfolio manager at Bel Air Investment Advisors LLC in Los Angeles, said in a phone interview for Bloomberg. His firm oversees $7 billion. “Investors came into September cautiously positioned, but one by one their concerns are being removed or lessened.”
President Barack Obama asked Democratic senators to delay a vote on authorizing military strikes to allow time for talks on eliminating Syria’s chemical weapons, lawmakers said yesterday.
In corporate world, Goldman Sachs added 3.5% to $165.14. Nike jumped 2.2% to $66.82 and Visa increased 3.4 percent to $184.59. Hewlett-Packard lost 0.4% to $22.27. Alcoa slipped 0.3% to $8.06. Bank of America added 0.9% to $14.61.
McDonald’s Corp. climbed 0.5% to $96.89. The world’s largest restaurant chain said same-store sales increased 1.9% last month, helped by demand in Europe.
Apple erased 2.3% to $494.64. The company unveiled a cheaper $99 version of the iPhone in bright colors and an updated high-end device, in a strategy shift by Chief Executive Officer Tim Cook to reach a broader range of customers around the world as competing devices running Google Inc.’s Android software gain in popularity.
E*Trade Financial Corp. soared 3.6% to $17.10, the highest level since February 2011. The online brokerage said its daily average revenue-generating trades rose 5% in August compared to the previous month and the stock was upgraded to outperform from neutral at Macquarie Group Ltd.
Urban Outfitters Inc. lost the most in the S&P 500, sinking 10% to $38.35. The teen-clothing retailer said third-quarter comparable sales so far are growing at a mid-single-digit pace.
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