U.S.
stocks rose as Intel Corp. rallied on earnings, while Treasuries gained
after a drop in manufacturing bolstered the case for continued
stimulus. European bonds climbed and oil reached the highest level of
the year.
The
Standard & Poor’s 500 Index added 0.5 percent at 12:01 p.m. in New
York, reaching within 0.5 percent of its all-time high. The Stoxx Europe
600 Index rose 0.6 percent to a record. The yield on 10-year Treasury
notes fell a fourth day, while similar-maturity German bunds set a
record-low yield as Mario Draghi signaled he will stay the course with
his bond-buying program. The Shanghai Composite Index lost 1.2 percent
after China’s economy grew at the slowest pace since 2009. Oil jumped
4.2 percent as U.S. crude supply gains eased.
Total
U.S. industrial output fell more than projected in March, the latest
sign a strong dollar and cheap oil are hurting American manufacturing as
the Federal Reserve debates raising interest rates. Draghi, the
European Central Bank President, said quantitative easing is helping the
region’s economic recovery and the program must be implemented in full.
Intel surged after its forecast for the second quarter exceeded some
analysts’ projections.
Source: Bloomberg
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