Stocks
recovered early losses, while Treasuries gave up their gains amid signs
that Russia’s response to Turkey’s downing of a warplane near its
border with Syria won’t include the military.
The
Standard & Poor’s 500 Index closed up 0.1 percent near its highest
level since Nov. 6 after Russian President Vladimir Putin stopped short
of threatening a military response to the incident. European stocks
slipped as the first clash of foreign powers embroiled in the Syrian
civil war sparked concern tensions will escalate. Gold gained for the
first time in three sessions, as oil rallied with copper following a
base metals rout. The dollar retreated.
Financial-market
moves in response to the downed warplane were contained as political
analysts in Russia and Europe said a major escalation seems unlikely
given the risks associated with any conflict between Russia and a NATO
member. The incident comes as Brussels remains on the highest-level
terror alert amid what officials have called credible terrorist threats
and after the U.S. State Department issued a global alert for Americans.
The
geopolitical tensions somewhat overshadowed U.S. data Tuesday that
indicated the economy expanded at a faster pace in the third quarter
than previously reported, fueling bets that the Federal Reserve will
raise key interest rates next month. Treasuries pared gains as the odds
for an increase at the Fed’s December meeting rose to 74 percent.
The
S&P 500 rose to 2,089.14 by 4 p.m. in New York, after falling as
much as 0.8 percent earlier in the session. The index is coming off its
best week of 2015 and has rallied 12 percent from its August low, though
gains have stalled about 2 percent from the May record.
Source: Bloomberg
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