US STOCKS-S&P hits record high as economy shows signs of strength

lunes 11 de julio de 2016 10:49 GYT

* Alcoa to kick of 2nd-qtr earnings after markets close

* Apple gives biggest boost to S&P

* Indexes up: Dow 0.48 pct, S&P 0.36 pct, Nasdaq 0.68 pct (Adds details,)

By Yashaswini Swamynathan

July 11 (Reuters) - The S&P 500 hit a record intraday high on Monday, spurred by increased investor confidence in the U.S. economy following a stellar jobs report last week.

The gains in U.S. stocks were broad-based, with seven of the 10 major S&P sectors higher. Energy stocks led the gainers with a 0.72 percent rise as oil prices recovered some losses.

Utilities and telecom service stocks, considered defensive investments, were lower.

"Investors are chasing returns because there is no yield in the bond market," said Andre Bakhos, managing director at Janlyn Capital in Bernardsville, New Jersey.

"They are taking a chance in equities as there is a perception that the U.S. markets are a safe-haven on a relative international basis."   Continuación...