U.S. stocks have rallied in recent weeks, lifting the benchmark S&P 500 and Nasdaq to 14-month highs following signs of economic resilience, a better-than-expected earnings season and bets that interest rates are near their peak.While megacap technology stocks have driven much of the gains this year, economically sensitive small-cap shares as well as material and banking sectors have joined the rally recently.
Declining issues outnumbered advancing ones on the NYSE by a 1.68-to-1 ratio; on Nasdaq, a 1.81-to-1 ratio favored decliners. The S&P 500 posted 40 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 84 new highs and 52 new lows. Reporting by Shristi Achar A and Sruthi Shankar in Bengaluru, and by Noel Randewich in Oakland, Calif. Editing by Vinay Dwivedi and David Gregorio
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