U.S. Stocks Fluctuate on Earnings; Oil Resumes Drop, Euro Slides

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U.S. stocks fluctuated, as gains in consumer shares offset a drop among energy producers. Crude oil resumed its decline following a rise in American inventories, while the euro weakened for the first time in three days as Greece continues to renegotiate its debt.

The Standard & Poor™s 500 Index slipped less than 0.1 percent at 12:12 p.m. in New York following a two-day rally. Energy producers lost 1.1 percent, while Walt Disney Co. surged to an all-time high on earnings. West Texas Intermediate crude retreated 5.1 percent to $50.36 a barrel, after rallying 19 percent in four days. The yield on 10-year Treasuries rose a third day. The euro dropped 0.4 percent to $1.1430. Futures on the FTSE China A50 Index jumped 5.3 percent after the central bank cut banks™ reserve ratio.

Data showed U.S. service industries expanded at a faster pace in January, while hiring fell more than forecast. Oil slid as U.S. stockpiles rose to the highest since at least 1982. Crude had rebounded from the lowest level in almost six years as companies began cutting investments. Greek Prime Minister Alexis Tsipras and his finance minister are visiting European leaders to negotiate new debt terms. German Chancellor Angela Merkel indicated the offensive is failing to win over converts.

Source : Bloomberg

Gold Falls as Global Equities Rose on Easing Greek Debt Concerns

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Gold futures declined for the second straight day as easing concerns on Greek debt boosted global equities, reducing demand for alternative assets.

Greek Finance Minister Yanis Varoufakis proposed late on Monday to exchange existing debt for new bonds linked to economic growth. The MSCI All-Country World Index and the Standard & Poor™s 500 Index of U.S. stocks both rose as much as 1.3 percent.

Gold in January capped the biggest monthly gain in three years as concern that Greece would exit from the euro zone and signs of slowing economies outside the U.S. fueled demand for haven assets. The metal fell on Monday on concern that U.S. interest rates will increase soon.

Gold futures for April delivery fell 1.3 percent to settle at $1,260.30 an ounce at 1:51 p.m. on the Comex in New York. The metal dropped 0.2 percent on Monday.

Last year, gold posted a consecutive annual decline for the first time since 1998 as equities surged to a record and the U.S. economy gained traction.

Source : Bloomberg

Euro Rallies to Two-Week High as Greece Softens Stance on Debt

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The euro rose to the strongest level in almost two weeks as Greece™s government was said to retreat from a demand for a debt writedown, boosting optimism the region won™t face a renewed crisis.

Australia™s dollar tumbled to the weakest level since May 2009 after the Reserve Bank of Australia joined a growing number of central banks that are boosting monetary stimulus to address slowing economic growth and inflation. Denmark™s central bank sold a record amount of kroner last month to protect its peg to the shared currency, while Russia™s ruble gained.

The 19-nation euro gained 1.1 percent to $1.1470 at 12:05 p.m. New York time, after slumping last month to the weakest level since 2003. The currency added 1.1 percent to 134.58 yen.

The euro advanced versus most of its major peers after Greece™s Finance Minister Yanis Varoufakis outlined plans to swap some Greek debt owned by the European Central Bank and the European Financial Stability Facility for new securities, according to a person who attended the meeting and asked not to be identified because they weren™t authorized to speak publicly.

Source : Bloomberg

U.S. Stocks Advance as Energy Rally Extends to Broader Market

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U.S. stocks rallied for a second day, rebounding from the biggest monthly drop in a year for the Standard & Poor™s 500 Index, as a surge in energy stocks spread to the broader market.

The S&P 500 added 1.4 percent to 2,049.98 at 4 p.m. in New York, climbing above its average level for the past 50 days. The Dow Jones Industrial Average rose 304.98 points, or 1.8 percent, to 17,666.02. The gauge is up 2.9 percent over two days, the most since Jan. 8.

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. The two-day rally has trimmed the gauge™s decline for the year to 0.4 percent.

Source : Bloomberg