U.S stocks rose in the
last 30 minutes of trading, ending a volatile session higher as gains
in consumer and technology shares overshadowed lingering concern over
China that continued to fuel a rout in commodities. Treasuries
retreated.
The Standard and
Poor’s 500 Index ended Monday up 0.1 percent, after sliding to within
two points of the 1,900 level earlier in the session. The Russell 2000
Index of smaller companies dropped 0.4 percent, after sinking to a level
that marked a bear market. The U.S. gains came after losses in Europe
and Asia amid a slump of more than 5 percent in China’s Shanghai
Composite Index. Risk aversion maintained its grip on currency markets,
with South Africa’s rand tumbling to a record low as oil extended its
slide and copper fell.
The S&P 500 closed
at 1,923.67 as of 4 p.m. in New York, as consumer staples and
discretionary stocks, as well as phone and technology companies, drove
gains. Last week, the index capped record slide over five days to begin a
year amid a worldwide selloff sparked by concern that China’s slowdown
is worse than anticipated. Even data showing resilience in the U.S.
labor market couldn’t halt losses for the benchmark on Friday.
Freeport-McMoRan Inc.
sank 20 percent to the lowest level in 15 years, while energy producers
plunged 2.1 percent as a group. Health-care shares also retreated, with
biotechnology firms leading losses.
U.S. aluminum producer
Alcoa unofficially got the the U.S. reporting season under way just as
markets closed, reporting better-than-expected fourth-quarter earnings
amid resurgent demand for components made from the metal. Alcoa’s shares
rose 1.4 percent in extended trading.
JPMorgan Chase &
Co., Intel Corp. and Citigroup Inc. are among 11 companies scheduled to
post their quarterly results this week. Analysts estimate profits for
S&P 500 members fell 6.7 percent last quarter.
After a day of
fluctuations, European stocks closed at their lowest levels since
September. The Stoxx Europe 600 Index erased its gain in the final hour
of trading, falling 0.3 percent as commodity producers reversed
advances. The MSCI Asia Pacific excluding Japan Index slid 1.9 percent,
with markets in Tokyo closed for a holiday.
Source: Bloomberg
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