U.S. stocks fluctuated
following a rebound in crude prices and energy shares. Treasuries slid
while the dollar strengthened, after a jobs report bolstered speculation
that the Federal Reserve will raise interest rates this year.
The Standard &
Poor’s 500 Index retreated 0.1 percent after the benchmark rallied
yesterday. Oil traded near its highest close in eight weeks after data
showed U.S. refineries boosted their use of crude and gasoline
inventories fell. The dollar advanced against the euro for a fourth day
after a private payrolls report showed companies added more workers than
projected last month. The yield on the 10-year Treasury note rose to
the highest in a month.
Markets are taking
cues from the potential for more central-bank stimulus and signs
economic pessimism that dominated the start of the year was overdone.
The private payrolls report follows data on Tuesday that signaled
manufacturing was steadying. Citigroup Inc.’s U.S. Economic Surprise
Index, which measures whether data beats or misses estimates, is at the
highest level since November. In China, moves such as ruling out the
possibility of a one-off yuan devaluation and a new head of the
securities regulator are also helping investors win back confidence.
The S&P 500 traded
at around 1,977 at 12:43 p.m. in New York, after the benchmark gauge on
Tuesday posted its best session in a month. Energy shares and banks
were the best-performing groups, while retailers and raw-material
companies were the biggest drag on the index. The Chicago Board Options
Exchange Index, the gauge of market turbulence known as the VIX, fell a
second day after sliding yesterday to the lowest level this year.
Source: Bloomberg
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