The Dow edged closer to a record, closing above 14,000 for the second time this month. The index is within 1 percent of its record close.
Luxury clothing and accessories retailer Michael Kors surged 9 percent to $62 after reporting earnings that surpassed analysts’ forecasts. The company also raised its forecast for the year ending in March.
Confidence in the outlook for global growth has strengthened among asset managers, according to a Bank of America Merrill Lynch survey. The poll found that 59 percent of investors believe that the global economy will strengthen in the year ahead. Financial and home building stocks also lifted stocks, led by Bank of America and Masco Corp., which notched some of the biggest gains.