The WALL Street Journal reports,''U.S. stocks jumped back into record territory Monday morning, erasing all of last month’s pullback despite a recent batch of disappointing economic data.
The S&P 500 rose 15 points, or 0.8%, to 1851, topping the previous all-time closing high of 1848.38. The index has risen more than 6% since falling to a three-month low in early February.
Should the stock index close above 1848.48, it would mark the 47th record high over the past 12 months''.
The latest rally comes even as several sluggish economic readings in recent weeks have stirred worries about the state of the economic recovery. The Citigroup U.S. Economic Surprise Index–which reflects whether economic reports are coming in better or worse than economists’ expectations–fell to negative 7.7 on Friday, the lowest level since July 23.
Economists expect more weak data ahead, with readings on manufacturing, housing and durable goods due this week.
Still, the S&P 500′s latest march to new heights is the latest example of how markets have largely given the economy a pass due to the winter’s brutal weather conditions.
