Oil extended the longest rally in two years as tensions with Iran threatened supplies while signs of economic growth boosted the outlook for demand. The Standard & Poor’s 500 Index closed at the highest level since June 2008.
Crude for April delivery rose for a seventh day, increasing 1.8 percent to $109.77 a barrel, the highest settlement since May 3. The Standard & Poor’s 500 Index increased 0.2 percent to 1,365.74 after earlier rallying as much as 0.4 percent. The Dow Jones Industrial Average slipped 1.74 points to 12,982.95, retreating from an almost four-year high. The Dollar Index, a gauge of the currency against six major peers, lost 0.6 percent.
Financial firms and companies that rely on discretionary consumer spending were the biggest drag on the S&P 500 as the index trimmed an early advance triggered after sales of new homes exceeded economists’ forecasts and a gauge of consumer confidence topped estimates.
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