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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Asian Stocks Retreat After Global Rally as Japan Shares Decline

Asian stocks fell as a global rally in equities stalled, with the S&P 500 Index slipping from a record and investors weighing corporate earnings and the prospects for global growth.

The MSCI Asia Pacific Index dropped 0.2 percent to 133.59 as of 9:04 a.m. in Tokyo as Japanese shares fell for the first time in seven days. Global equities added more than $ 4.5 trillion in value since the U.K. shock decision to leave the European Union, pushing valuations on Asia-Pacific stocks close to the highest level this year. Investors are assessing corporate earnings amid concern sluggish global growth will persist as the International Monetary Fund scrapped its forecast for a pickup this year.

Source: Bloomberg

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