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"All of the economic data is pointing to a slow-growing economy, and putting the recession fears to rest," said Bill Stone, chief investment strategist at PNC Asset Management Group. Companies reporting quarterly earnings were among those making the biggest gains. Estee Lauder Cos. jumped 18 percent, the top stock in the S&P 500. The company's quarterly earnings soared 46 percent on strong global sales, which beat analysts' expectations. The company also raised its annual earnings outlook. Alpha Natural Resources rose 13.3 percent. The coal producer's profit more than doubled, helped by its acquisition of rival Massey Energy Co. and higher prices for coal used to make steel. The results topped estimates. Qualcomm Inc. gained 7.5 percent, after the chip-maker for mobile phones said rising smartphone demand helped it post results that were stronger than analysts were expecting. Kraft Foods Inc. rose 3.3 percent. The food company, whose brands include Nabisco and Maxwell House, reported a 22 percent jump in income thanks to higher prices on some of its products. Kraft also raised its full-year profit forecast. Kellogg Co. dropped 7.6 percent after its quarterly earnings fell even further than analysts had expected. The cereal and snack maker was hit by higher costs for ingredients.
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