US companies ramp up stock repurchases in 1Q

NEW YORK — American corporations are ramping up their stock repurchases in another sign of confidence in the economic recovery.

Standard & Poor's says stock buybacks in the first quarter rose 63 percent from the year-ago period. Companies spent $89.8 billion buying back their shares in the first three months of the year. That's up from $55.3 billion last year.

The latest findings mean buybacks are up for the seventh quarter in a row. S&P also says the number of companies taking part in stock buyback programs has slowly increased as well.

Stock buyback programs indicate companies have enough cash to take their shares off the market. That in turn increases the value of the remaining shares and per-share earnings results.