Fresh off a blowout January, stocks started February with a bang, as telecom shares led a broad rally.
The telecom sector in the Standard & Poor’s 500-stock index jumped 1.9%, its biggest gain since Jan. 2, as Verizon CommunicationsVZ +2.18% climbed 95 cents, or 2.2%, to $44.56, and AT&TT +2.07% advanced 72 cents, or 2.1%, to 35.51.
Meanwhile, the Dow Jones Industrial Average advanced 149.21 points, or 1.1%, to 14009.79, topping 14000 for the first time since October 2007. The blue-chip index, which advanced 0.8% on the week, is 155 points from breaking its record close.
Just five stocks in the S&P 500 rose more than 4%, but the index had a deep enough bench to post its second-biggest daily gain this year. The S&P 500 added 15.06 points, or 1%, to 1513.17, up 0.7% for the week. The Nasdaq Composite Index rose 36.97 points, or 1.2%, to 3179.10, rising 0.9% on the week.Continue reading →