U.S. stocks rose as technology shares rallied, while developing-market equities headed for the longest streak of gains in 10 years after a surprise drop in China’s exports fueled speculation of more stimulus.
The MSCI Emerging Markets Index climbed 0.8 percent at 9:50 a.m. in New York, for an 11th day of gains. The Standard & Poor’s 500 Index gained 0.2 percent, while the Nasdaq Composite Index added 0.5 percent to top 5,000. The Bloomberg Dollar Spot Index climbed 0.1 percent, while the weak Chinese export data sent currencies of commodity-producing countries lower. The yield on 10-year Treasuries was little changed near 1.94 percent as bonds erased earlier losses. Oil extended last week’s advance.
Economists predict China will this week report its slowest growth since the global recession, while data Tuesday is forecast to show U.S. retail sales increased by the most in a year. The data would highlight the diverging fortunes of the world’s two largest economies as the Federal Reserve considers raising interest rates while Chinese state media has called for additional stimulus. JPMorgan Chase & Co., Johnson & Johnson and Intel Corp. are among S&P 500 companies reporting this week.
Source : Bloomberg