(Bloomberg) — The stock market wiped out earlier losses, with the S&P 500 extending its surge from a March 2020 low to 100%. Treasuries climbed.
The benchmark gauge of American shares closed at another record — its 49th since the end of last year — led by health-care and utility companies. Apple Inc. also climbed to an all-time high. Equities fell in the first few hours of trading on Monday after softer economic data from the world’s two biggest economies. Tesla Inc. sank as the U.S. opened an investigation on the electric-vehicle firm’s Autopilot system.
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Traders awaited signals from the Federal Reserve, with a town hall by Chair Jerome Powell Tuesday potentially acting as a precursor to the Jackson Hole symposium in late August. The market has viewed the event as a venue for the Fed to lay out the timing and contours of its expected move to taper the…