U.S. stocks were
little changed near a four-month high amid mixed corporate earnings,
while global equities capped a fifth straight advance on gains in Europe
and Asia. Commodities retreated after oil slipped and the dollar’s
strength sent metals lower.
The Standard &
Poor’s 500 Index swung between gains and losses before ending higher by
less than one point. Financial shares advanced a second day amid a spate
of earnings, while declines among consumer staples producers capped
index gains. The Stoxx Europe 600 Index had its longest rally in six
weeks. Crude slipped before Doha talks on a possible output freeze. The
dollar edged higher even as data showed American inflation cooled.
Defaults for U.S. high-yield bonds have topped $14 billion for the
largest monthly volume in two years.
The rally in global
equities that finally erased the worst start to a year continued
Thursday on renewed speculation improvement in China’s economy is
sustainable even as profits at American companies is forecast to
contract. The dollar’s more than 6 percent drop since late January is
starting to meet some resistance, as Federal Reserve officials, already
challenged by sluggish global demand prospects, may not be able to make a
case for more immediate interest-rate increases as price growth remains
subdued.
The S&P 500 rose
less than a point to 2,082.70 at 4 p.m. in New York, technically
extending a winning streak to three days. The index has surged almost 14
percent from a February low and is now 2.2 percent below its all-time
high. Skepticism still prevails, with valuations far above their
five-year average and the seven-year bull market weeks away from
becoming the second-longest in history.
Source: Bloomberg
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