U.S. stocks rose with
Treasuries while the dollar weakened as tepid manufacturing data in
major economies boosted the prospects for continued central-bank
support.
The dollar slipped
from a seven-month high versus the euro on speculation the Federal
Reserve’s first rate increase in nearly a decade has been priced in,
while yields on 10-year Treasury notes slipped on expectations
subsequent hikes will be gradual. The Standard & Poor’s 500 Index
added to a second monthly gain, while a rally in U.K. banks kept an
index of European shares near a three-month high.
An unexpected
contraction in American manufacturing added to speculation the Fed won’t
be in a rush to raise rates quickly even if it chooses to tighten this
month. The odds of an increase remain above 70 percent before government
payrolls data due Friday. While factory growth in the euro area
accelerated, the slow pace of expansion didn’t alter expectations that
the European Central Bank will add to stimulus Thursday.
The S&P 500
climbed 0.6 percent at 12:04 p.m in New York. The index is coming off a
0.1 percent gain in November, as signs of a strengthening U.S. economy
offset concerns of an imminent rate increase. The gauge has posted a
December advance in six of the past seven years. Its up 1.7 percent in
2015, poised for the smallest gain in four years.
All of the S&P
500’s 10 main groups rose today, with technology and health-care shares
performing the best, while energy companies lagged as oil retreated
after swinging between gains and losses.
The MSCI All-Country
World Index is heading for its first annual loss since 2011, though
equities have wrapped up the year with gains on all but five occasions
since 1988, with December posting the biggest and most frequent
increases of any month, data compiled by Bloomberg show.
Source : Bloomberg
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