Apple Inc. (AAPL), the world’s most valuable company, jumped 4.3 percent to a record and surpassed $600 billion in market value on speculation that production has started on a smaller version of the iPad tablet as well as a new television product. Cisco Systems Inc. (CSCO), the biggest maker of computer-networking equipment, climbed 8.7 percent as profit and sales exceeded analysts’ projections. Sears Holdings Corp. (SHLD), the retailer controlled by Edward Lampert, surged 16 percent after reporting a smaller quarterly loss.
The S&P 500 (SPXL1) rose 0.9 percent to 1,418.16, bringing its gain for the year to 13 percent. The Dow Jones Industrial Average added 67.25 points, or 0.5 percent, to 13,275.20. On the last day of trading, it touched the highest level sinceDecember 2007. (INDU) The Chicago Board Options Exchange Volatility Index, which measures the cost of using options as insurance against declines in the S&P 500, slumped 8.8 percent to 13.45, a five-year low.
“Perhaps we ran out of sellers,” said Michael Shaoul, chairman of Marketfield Asset Management, which oversees about $2.7 billion in New York. “Better economic data helps. Corporate earnings didn’t fall apart. If you’re not involved, you could be a long way behind this market
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