U.S. stocks rose for a
second day amid a rally in raw-material and industrial shares, as
dollar weakness boosted commodity prices and optimism for profits of
multinational companies.
The Standard &
Poor’s 500 Index rose 0.2 percent to 1,915.42 at 4 p.m. in New York,
after swinging between gains and losses throughout the session.
A steep drop in the
dollar sparked equity gains yesterday led by energy and raw-materials,
halting the S&P 500’s two-day slide to start the month. The rout in
the U.S. currency accelerated after data showed expansion in services
industries was the slowest in nearly two years, rekindling worries about
the strength of U.S. growth.
Investors are on guard
for any signs China weakness is spilling over. A report today showed
the number of Americans filing applications for unemployment benefits
rose last week, while separate data showed worker productivity slumped
in the fourth quarter by the most in almost two years, leading to a
pickup in U.S. labor costs that threaten corporate profits.
Source : Bloomberg
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