Goldman Sachs Profit Boosts Stocks

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– National

A plunge in Treasury bond yields pushed stocks higher Tuesday as investors grew optimistic that the Federal Reserve’s streak of interest rate hikes will soon end. Record revenues and a jump in profits at Goldman Sachs Group Inc. also boosted the market and sent the Dow and S & P; 500 to nearly five-year highs.


The Dow Jones Industrial Average jumped 75.32, or 0.7 percent, to 11,151.34, its highest close since June 5, 2001. The Standard & Poor’s 500 Index rose 13.35, or 1 percent, to 1,297.48, its highest close since May 22, 2001. The Nasdaq Composite Index climbed 28.87, or 1.3 percent, to 2,295.90.


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– Local


Local movers were led by KB Home, which gained 4.9 percent to $66.45, CB Richard Ellis Group Inc., which rose 3.9 percent to $73.23, and Jacobs Engineering Group Inc., which climbed 2.6 percent to $83.49. On the down side, Panavision Inc. fell 12.5 percent to $3.50, True Religion Apparel Inc. lost 2.2 percent to $20.79 and IMPCO Technologies Inc. slipped 6.1 percent to $5.39.

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