U.S. Stocks Rise as Crude Rebound Spurs Rally in Energy Shares

U.S. stocks advanced, with the S&P 500 Index halting a two-day decline, as crude oil’s biggest gain in three weeks spurred a rally in energy producers while corporate earnings helped boost financial companies.

The S&P 500 rose 0.3 percent to 2,163.53 at 4 p.m. in New York, rebounding after its steepest decline in almost a month yesterday. The gauge traded in the narrowest range in two weeks. A Goldman Sachs Group Inc. basket of most shorted shares saw the biggest gain in five weeks, rising to a nine-month high.

At 18.3 times this year’s projected earnings, the S&P 500 is still trading near its highest multiple in more than a decade. Some stronger-than-estimated financial results and speculation that central banks will maintain loose monetary policies have helped underpin equities near record levels.

Source : Bloomberg

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Most Chinese Stocks Retreat as Energy, Utility Drop; Hang Seng Fall

Most Chinese stocks retreated amid low volumes in Shanghai, with utility and energy companies among the biggest decliners.

The Shanghai Composite Index was little changed as of 9:55 a.m. local time. China Railway Construction Corp. led a gauge of utilities lower, while China Oilfield Services paced a drop in energy companies in Hong Kong after a drop in crude prices last week.

Trading volume on the mainland was 26 percent below the 30-day average for the time of day, with five shares declining for about every four that rose and a measure of 10-day volatility dropping to a two year low. Monday’s equity losses come after Group of 20 finance chiefs signaled escalating concern about a wave of anti-globalization sentiment. Following a two-day meeting in Chengdu city, they emphasized fiscal and structural policies to boost growth, and renewed a pledge to promote inclusiveness.

The Shanghai Composite was at 3,013.38. The Hang Seng China Enterprise Index fell 0.3 percent to 9,009.16, while the Hang Seng Index lost 0.3 percent as well. China Railway Construction declined 0.8 percent and China Oilfield Services dropped 0.8 percent.

A total of 14 companies will raise up to 12 billion yuan ($ 2.1 billion) via initial public offerings, China Securities Regulatory Commission said in a statement on July 22. Seven companies will be listed on the Shanghai Stock Exchange with the others in Shenzhen, it said.

Source: Bloomberg

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