The
Standard & Poors 500 Index rose, as data showing strength in the
U.S. economy overshadowed reports of slowing manufacturing in Europe and
China that sent industrial metals and European equities lower.
The
S&P 500 added 0.2 percent at 12:27 p.m. in New York, erasing
earlier losses of 0.4 percent as retailers and energy shares rallied.
The gauge is poised for a record close. The Russell 2000 Index of small
companies jumped 0.7 percent. The Stoxx Europe 600 Index closed lower by
0.3 percent, trimming a drop of 0.9 percent. The yield on 10-year
Treasury notes lost two basis points to 2.34 percent. The Bloomberg
Dollar Spot Index erased declines to trade little changed. Natural gas
futures increased 1.4 percent, while copper slumped 0.6 percent.
Purchases
of previously owned U.S. homes unexpectedly rose in October, while the
Philadelphia Feds manufacturing index surged past estimates and an index
of leading economic indicators climbed more than forecast. U.S.
inflation was little changed in last month. Manufacturing and services
in the euro area unexpectedly fell and a flash purchasing managers index
for Chinese slid to 50, the borderline between expansion and
contraction and below economists estimates.
Source: Bloomberg
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