U.S. stocks advanced, with the Standard & Poor’s 500 Index headed toward a six-week high, amid gains in banks and commodity shares as oil surged.
Investors continued to load up on some of the year’s worst performers, with banks up for the fifth time in six days as Wells Fargo & Co. and Bank of America Corp. increased at least 2.1 percent. Copper miner Freeport-McMoran Inc. climbed 11 percent and is up more than 56 percent since Feb. 11, after wiping out a 28 percent slide this year. Chevron Corp. added 2.4 percent today.
The S&P 500 rose 1.3 percent to 1,941.75 at 11:50 a.m. in New York, after increasing 2.8 percent last week, the most since November. The Dow Jones Industrial Average climbed 201.98 points, or 1.2 percent, to 16,593.97. The Nasdaq Composite Index gained 1.3 percent. Trading in S&P 500 shares was about 3 percent below the 30-day average for this time of day.
Source : Bloomberg
Japanese stocks rose for a second day after the Bank of Japan’s unexpected boost to stimulus, paring the Topix index’s worst start to a year since 2009. Major lenders fell again following the central bank’s decision to start charging for some of their deposits held at the institution.
The Topix index added 2.1 percent to 1,462.11 at the trading break in Tokyo, after closing higher on Friday amid wild swings as investors assessed the BOJ’s plan to introduce a negative interest rate on some deposits. The Nikkei 225 Stock Average gained 1.8 percent to 17,833.53. The yen traded at 121.33 per dollar after slumping 1.9 percent on Friday.
Consumer lenders led gains, with Acom Co. surging 14 percent after posting an increase in profit. Sony Corp. jumped 13, the most since 2008, after reporting third-quarter profit that beat analyst estimates. Nisshin Steel Co. soared 17 percent after confirming it’s in buyout talks with Nippon Steel & Sumitomo Metal Corp. Shiseido Co. advanced 13 percent after reporting operating profit that beat its forecasts. Murata Manufacturing Co. added 16 percent, headed for biggest increase since 1990, after third-quarter profit beat estimates.
Source : Bloomberg