U.S. stocks gained for a third day on Friday, lifting the S&P 500 to a record finish, as Hewlett-Packard surged and after a better-than-expected report on the sale of new homes in April.
“The housing numbers were good today, so maybe that is helping a little bit. But it’s such a thin market that any news that comes out has an expediential effect because people are looking for anything to trade on,” said JJ Kinahan, chief strategist at TD Ameritrade.
Home builders including Lennar, D.R. Horton and PulteGroup advanced after the Commerce Department reported sales of new homes rose 6.4 percent in April, halting two months of declines.