U.S. Stocks Rebound on Earnings as Consumer Confidence Increases

U.S. stocks rose, with the Standard & Poor’s 500 Index rebounding from its worst slump since June, as earnings at companies from Pfizer Inc. to D.R. Horton Inc. topped estimates and consumer confidence increased ahead of a Federal Reserve policy meeting.

Pfizer, the world’s biggest drugmaker, advanced 2.3 percent after earnings beat estimates as it cut costs and saw its tax rate fall. An index of homebuilders surged 4.6 percent as D.R. Horton jumped 9.4 percent and a report showed home prices climbed. Comcast Corp. increased 1.4 percent after people familiar with the matter said the cable company is near a deal to buy assets from Charter Communications Inc. Apple Inc. tumbled 7.6 percent as iPhone sales trailed estimates. The S&P 500 rose 0.4 percent to 1,788.43 at 12:17 p.m. in New York, paring an earlier rally of as much as 0.7 percent. The Dow Jones Industrial Average climbed 63.71 points, or 0.4 percent, to 15,901.59. Trading in S&P 500 stocks was 19 percent above the 30-day average during this time of day. U.S. equities joined a global rebound as European shares recovered from their biggest three-day decline in seven months while the MSCI Emerging Markets Index rose from its lowest level since August. Copy Source : Bloomberg