U.S.
equities advanced after two days of declines, as Apple Inc. led a
technology rally and Alcoa Inc.™s results boosted optimism in the
economy. Retailers drove stocks higher in Europe, while oil fluctuated
after dropping below $45 a barrel in New York.
The
Standard & Poor™s 500 Index gained 0.7 percent at 12:23 p.m. in New
York, trimming gains as homebuilders slumped. Apple and Amazon.com Inc.
advanced more than 2 percent following ratings upgrades. West Texas
Intermediate oil slipped 0.8 percent to $45.70 a barrel, paring a slide
of more than 3 percent. Copper declined 3 percent, as the Bloomberg
Commodity Index fell to the lowest since 2002. The Stoxx Europe 600
Index rose 1.4 percent, while the euro slumped to a nine-year low on
stimulus bets.
The
S&P 500 rebounded from a two-day drop of 1.6 percent that left it 3
percent below its Dec. 29 record. Alcoa, the largest U.S. aluminum
producer, reported profit and sales that beat analysts™ estimates. Apple
rallied after Credit Suisse AG raised its rating on the company.
Declining fuel prices have curbed inflation expectations, cutting the
chance of an early Federal Reserve interest-rate increase while boosting
speculation the European Central Bank will expand stimulus.
Source: Bloomberg
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