Feb. 25 (Bloomberg) — U.S. stocks erased losses, sending the Standard & Poor's 500 Index above its record close, after companies from Macy's Inc. to Home Depot Inc. reported higher- than-estimated earnings.
Home Depot and Macy's rose more than 2 percent. Tesla Motors Inc. climbed 15 percent as Morgan Stanley more than doubled its projected price for the stock. Office Depot Inc. slumped 12 percent after reporting an unexpected loss. Western Union Co. dropped 1.8 percent after disclosing it got subpoenas in November under an investigation into fraud-induced money transfers.
The S&P 500 added 0.2 percent to 1,851.33 at 11:22 a.m. in New York. Earlier, the U.S. equity benchmark fell 0.4 percent. The Dow Jones Industrial Average advanced 30.12 points, or 0.2 percent, to 16,237.26 today. Trading in S&P 500 stocks was 5 percent below the 30-day average during this time of the day.
"The market has done extremely well in February," Douglas Cote, chief market strategist at ING U.S. Investment Management in New York, in a telephone interview. His firm oversees about $200 billion. "2014 is more of a recognition that we're in a global economic expansion and no longer a recovery."
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