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The S&P 500 is headed for a seventh consecutive month of increases, the longest winning streak since 2009. The Dow is on track to end higher for a sixth straight month. Nine of the 10 sectors in the S&P 500 fell, led by declines of 1.9 percent for consumer staples and 1.5 percent for utilities. In the first three months of the year they were among the biggest winners. Despite the decline in stocks, it seems too early to call an end to the rally. On several trading days this year, stocks have had sharp sell-offs, only to rise again as investors took advantage of the dip in prices to get into the market. The Dow fell 1.8 percent April 15 on concerns that a slowdown in China would trip up global economic growth. It has risen 5.5 percent since then. The index also slid 1.6 percent Feb. 25 on concerns that the European debt crisis would disrupt global markets again. The Dow shook off that loss too, and is up 11 percent since then. The yield on the 10-year Treasury note fell to 2.12 percent from 2.17 percent late Tuesday. The yield surged Tuesday to its highest level in 13 months as investors moved money out of bonds. The yield has risen sharply from 1.63 percent at the beginning of the month. In another sign of shifting sentiment, a measure of investor's expectations of market volatility has been increasing. The Chicago Board of Exchange's VIX index climbed 2.7 percent Wednesday, its sixth increase in seven days.
In commodities trading, the price of crude oil fell $1.88, or 2 percent, to $93.13 a barrel. Gold rose $12.40, or 0.9 percent, to $1,391.30 an ounce. The dollar fell against the euro and the Japanese yen. Among stocks making big moves: Smithfield Foods surged $7.38, or 28 percent, to $33.35 after the company agreed to be acquired by meat processor Shuanghui International Holdings for about $4.7 billion. Stewart Enterprises rose $3.23, or 33 percent, to $12.97 after the funeral company agreed to be acquired by Service Corp International for $1.1 billion in cash. Sallie Mae jumped 50 cents, or 2.2 percent, to $23.48. The company, which is formally named SLM Corp., announced a plan to split into two companies, one that manages student loans and a consumer banking business. Michael Kors Holdings rose $1.97, or 3.2 percent, to $63.95 after the fashion company reported that its profit more than doubled on surging sales in the fourth quarter, capping another strong year.
[Associated
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