U.S. equities erased
losses to extend a 10-week rally, while Treasuries fell to a six-week
low amid rising prospects for higher interest rates this year.
Energy shares led
gains in European and U.S. equities, sending oil producers to the
highest levels since at least August as oil climbed past $47 a barrel in
New York. The sector was the worst performer during the summer swoon.
Confidence that global growth is firming damped speculation for
additional European stimulus before Wednesday testimony from Fed Chair
Janet Yellen and October labor data later in the week.
The S&P 500 rose
0.2 percent at 11:50 a.m. in New York, 1.1 percent from its all-time
high. The Nasdaq 100 added 0.1 percent, on pace to close at a record.
The Dow Jones Industrial Average added 0.5 percent after yesterday
erasing its loss for the year. The nine-week rebound in U.S. stocks came
as the Fed kept rates pinned near zero and earnings from major tech
companies topped estimates.
Time Warner Inc.,
Allergan Plc and Facebook Inc. are among more than 100 S&P 500
companies releasing results this week. Energy shares in the S&P 500
rallied a fifth day, touching the highest level since July. King Digital
Entertainment Plc jumped after the maker of Candy Crush Saga agreed to a
$5.9 billion takeover offer from Activision Blizzard Inc. Fitbit Inc.
fell after announcing plans to sell additional shares.
Oil and gas producers
gained the most among the Stoxx Europe 600 Index’s 19 industry groups,
leaving the gauge higher by 0.4 percent.
Source: Bloomberg
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