U.S. stocks rose Wednesday, propelling the S&P 500 to a four-month high after economic data showed fresh signs of stability in the manufacturing sector and muted inflation.

Renewed faith in U.S. economic growth and a patient approach by the Federal Reserve regarding interest-rate increases have powered this year’s stock rebound, pushing the S&P 500 up 12% for the year and within 4.1% of its September record.

Despite…

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