U.S. stocks
fluctuated, as gains in consumer shares offset a drop among energy
producers. Crude oil resumed its decline following a rise in American
inventories, while the euro weakened for the first time in three days as
Greece continues to renegotiate its debt.
The Standard &
Poor™s 500 Index slipped less than 0.1 percent at 12:12 p.m. in New York
following a two-day rally. Energy producers lost 1.1 percent, while
Walt Disney Co. surged to an all-time high on earnings. West Texas
Intermediate crude retreated 5.1 percent to $50.36 a barrel, after
rallying 19 percent in four days. The yield on 10-year Treasuries rose a
third day. The euro dropped 0.4 percent to $1.1430. Futures on the FTSE
China A50 Index jumped 5.3 percent after the central bank cut banks™
reserve ratio.
Data showed U.S.
service industries expanded at a faster pace in January, while hiring
fell more than forecast. Oil slid as U.S. stockpiles rose to the highest
since at least 1982. Crude had rebounded from the lowest level in
almost six years as companies began cutting investments. Greek Prime
Minister Alexis Tsipras and his finance minister are visiting European
leaders to negotiate new debt terms. German Chancellor Angela Merkel
indicated the offensive is failing to win over converts.
Source : Bloomberg
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