U.S.
stocks advanced as energy producers gained with crude oil and phone
shares rallied. Treasuries fell, while the dollar weakened for the first
time in four days after data showed that American manufacturing growth
slowed.
The
Standard & Poor™s 500 Index rose 1.3 percent by 4 p.m. in New York,
rallying from a two-week low. Energy producers in the index gained 3
percent, while Verizon Communications Inc. climbed 2.8 percent, driving
telecommunications stocks up 2.4 percent. Ten-year Treasury yields
climbed three basis points to 1.67 percent. The Bloomberg Dollar Spot
Index fell after three days of gains. U.S. oil added 2.8 percent, while
gold retreated.
Factories
expanded in January at the weakest pace in a year as orders slackened, a
sign weakness in overseas markets may be restraining U.S.
manufacturing. Similar data for China signaled contraction in the
sector. Nike Inc. slid as data showed consumer spending dropped last
month, while Exxon Mobil Corp. and Chevron Corp. added more than 2.4
percent. U.S. stocks fell in January as Treasuries had their best month
since 2008.
Source : Bloomberg
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