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 Advance Amid Global Rebound on Stimulus Speculation

Asian stocks rose, following a rally in global equities, amid optimism that policy makers will introduce measures to limit the economic fallout from U.K. leaving the European Union.

The MSCI Asia Pacific Index advanced 1 percent to 126.64 as of 9:03 a.m. in Tokyo. A gauge of global equities climbed by most in a week as investors watched for signs that central banks and governments will help ease the post-Brexit market turmoil. Federal Reserve Governor Jerome Powell said global risks have shifted further to the downside after Britain’s vote to exit the EU, introducing new uncertainties that may merit reassessing monetary policy.

Japan’s Prime Minister Shinzo Abe said Wednesday he will mobilize all possible measures, while South Korea on Tuesday proposed a package of fiscal stimulus. Investors are awaiting details on the U.K.’s plan to leave the European Union amid concern the move could disrupt the global economic recovery.

Source: Bloomberg

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