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
