U.S. stocks rose, erasing earlier losses, after Federal ReserveBank of St. Louis President James Bullard said the central bankshould continue its bond buying to boost growth that is slower thanexpected.
The Standard & Poor's 500 Index gained 0.5 percent to anall-time high of 1,673.96 at 2:26 p.m. in New York, after fallingas much as 0.2 percent earlier. The Dow Jones Industrial Averageadded 87.37 points, or 0.6 percent, to 15,422.65. Trading inS&P 500 stocks was 3.1 percent below the 30-day average duringthis time of day.
“We have a long stretch now with no significant decline, and Ithink that's going to continue until there is some significantconcern about the Fed stopping,” Jason Thomas, chief investmentofficer of Los Angeles-based Aspiriant, said in a phone interview.Aspiriant is an independent wealth management firm with over $7billion in assets under management.
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