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Amazon, Microsoft Lead S&P 500 to Record High

Amazon, Microsoft Lead S&P 500 to Record High (Bloomberg)

Amazon and Microsoft rallied after beating earnings estimates, propelling the S&P 500 to a new record high. In addition, falling consumer confidence numbers caused investors to speculate that the Federal Reserve will continue to delay its stimulus tapering. “Earnings have been good enough and the liquidity spigot is open so that people see very little risk in the system,” Charlie Smith, chief investment officer of Pittsburgh-based Fort Pitt Capital Group Inc., said. “It’s like a giant game of musical chairs. The attitude on the part of most investors is that they have to play while the Fed got the music going.”

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