The S&P 500 has jumped almost 20 percent from its 2011 low in October amid optimism that the U.S. economy will withstand Europe’s debt crisis. The index’s 50-day moving average is 0.2 percent away from exceeding the average price for the prior 200 days.
The formation, known as a “golden cross,” will occur for the first time since 2010 and is historically a signal that more gains are likely to follow, Birinyi Associates Inc. said.
The S&P 500 climbed to its highest level since July on Jan. 25 after the Fed extended its commitment to keep interest rates low through at least late 2014 and Chairman Ben S. Bernanke signaled that central bankers haven’t ruled out additional asset purchases.
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