Crude continued to set
the tone on global financial markets, with U.S. stocks rallying
virtually in lockstep with oil after data showed a drawdown at a key
American supply hub. Treasuries fell and the dollar fluctuated before
the Federal Reserve’s policy decision.
The Standard &
Poor’s 500 Index advanced after falling as much as 0.9 percent, with
energy shares leading gains as crude surged above $32 a barrel. Equities
slid earlier after disappointing results from Apple Inc. and Boeing Co.
signaled slowing global growth is weighing on corporate America. Data
showed sales of new homes in the U.S. rose more than forecast in the
last report on the economy before the Fed’s 2 p.m. decision in
Washington.
The S&P 500 added
0.3 percent at 11:55 a.m. in New York, while the Nasdaq 100 Index lost
0.7 percent. The broader index is headed for a January loss of more than
6.5 percent, as anxiety about global growth, fueled by China’s slowdown
and a rout in oil, has wiped as much as $2.4 trillion from the value of
U.S. equities this year.
Energy shares jumped 1.4 percent on the oil rebound, while financial shares climbed 1 percent, adding to a rally on Tuesday.
Apple, the world’s
most valuable company, was the biggest drag on both indexes. It dropped 5
percent after forecasting its first sales decline since 2003. Suppliers
to Apple and the smartphone sector also retreated, with losses at ARM
Holdings Plc, Dialog Semiconductor Plc and AMS AG.
Source : Bloomberg
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