U.S. Stocks Advance as Oil Extends Rally

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U.S. stocks rose, after the Standard & Poor™s 500 Index rebounded from its biggest monthly decline in a year, as oil prices rallied for a fourth day and Staples Inc. and Office Depot Inc. surged on merger speculation.

The S&P 500 added 0.6 percent to 2,032.72 at 12:18 p.m. in New York, paring an earlier advance of as much as 1 percent. The Dow Jones Industrial Average rose 156.39 points, or 0.9 percent, to 17,517.43. The Nasdaq 100 Index was little changed as biotechnology companies slumped. Trading in S&P 500 companies was 35 percent above the 30-day average.

The S&P 500 rebounded 1.3 percent Monday as a rally in crude sparked gains in energy shares. The index lost 3.1 percent in January, the worst performance in a year, after reaching an all-time high on Dec. 29.

Source : Bloomberg

European Stocks Rose as Greece Backs Down From Writedown Request

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European stocks climbed as concern that Greece would defy its creditors eased after the nation retreated from a plan to ask the euro area to write down debt.

The Stoxx Europe 600 Index rose 0.8 percent to 370.28 at the close of trading. The gauge pared gains of as much as 1.3 percent after a person familiar with the matter said Germany expects talks with Greece to drag on until the current round of aid runs out.

Greek stocks surged 11 percent, posting the best two-day gain in 24 years. Finance Minister Yanis Varoufakis proposed late on Monday to exchange Greece™s existing debt for new bonds linked to economic growth, according to a person who attended a meeting. Spain™s IBEX 35 Index and Italy™s FTSE MIB Index added at least 2.6 percent, rebounding from two-day drops.

National Bank of Greece SA and Eurobank Ergasias SA rallied at least 18 percent, pushing a gauge of Greek lenders higher. The benchmark ASE Index slid 13 percent last month, with banks tumbling to record lows, after anti-austerity party Syriza formed a new coalition government.

Source : Bloomberg

Gold Drops for Third Time in Four Sessions on U.S. Rate Concern

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Gold futures fell for the third time in four sessions on concern that U.S. policy makers will raise interest rates amid signs of economic growth.

Sales of American Eagle gold coins by the U.S. Mint fell 11 percent last month from a year earlier. Data due Feb. 6 will probably show U.S. employers added 230,000 workers last month, according to economists surveyed by Bloomberg.

A statement from the Federal Reserve on Jan. 28 that cited œsolid U.S. growth damped speculation that the central bank would delay raising interest rates. The next day, gold tumbled 2.4 percent, the most since December 2013. The metal jumped 8 percent in January as officials in Europe and Asia announced stimulus to bolster stagnating economies.

Gold futures for April delivery fell 0.2 percent to settle at $1,276.90 an ounce at 1:58 p.m. on the Comex in New York. Aggregate volume was 33 percent below the 100-day average, according to data compiled by Bloomberg.

The metal pared losses of as much as 1 percent after the Institute for Supply Management said its manufacturing index declined to 53.5 in January from 55.1 in December, a sign weakness in overseas markets is restraining U.S. factory output.

Source : Bloomberg

Dollar Snaps 3-Day Rally on Concern Growth May Slow; Euro Gains

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The dollar fell for the first time in four days after a report showed manufacturing expanded at the slowest pace in a year, signaling the slowdown overseas is restraining U.S. growth.

The euro rose amid assurances from Greece™s leaders that the nation will abide by its financial obligations, easing concern it may lead the currency bloc back into turmoil. The Swiss franc fell after a news report said the central bank holds the exchange rate with the euro in an œunofficial corridor.

The Bloomberg Dollar Spot Index, a gauge of the currency™s performance against 10 major peers, fell 0.3 percent to 1,164.89 as of 12:06 0.m. New York time. It rallied 3.3 percent in January.

The euro gained 0.4 percent to $1.1345 and advanced 0.3 percent to 133.07 yen. The yen fell 0.2 percent to 117.29 per dollar.

Source : Bloomberg