Stocks rose a second day as earnings at EBay Inc., Freeport-McMoRan Copper & Gold Inc. and McDonald’s Corp. beat analyst estimates, offsetting losses in bank shares. Gold slid as the dollar gained, while Treasuries dropped.
The Standard & Poor’s 500 Index advanced 0.2 percent to 1,180.26 at 4 p.m. in New York after falling as much as 0.6 percent. Gold futures lost 1.4 percent to $1,325.60 an ounce. The Dollar Index rose 0.4 percent after retreating the same amount. Oil slid 2.4 percent to $80.56 a barrel as refining in China grew the least in 18 months. The 10-year Treasury note’s yield climbed six basis points to 2.54 percent.
More than 76 percent of MSCI World Index companies that reported quarterly results since Oct. 7 have beaten the average analyst estimate, bolstering optimism that earnings growth will hold up even as the economic recovery slows. China’s economy expanded 9.6 percent in the third quarter, increasing pressure on the country to let the yuan gain as Group of 20 officials prepared to meet in Seoul tomorrow to discuss currencies.
“From an investment perspective, I think of this economy as an Irish summer,” said David Kelly, who helps oversee $445 billion as chief market strategist for JPMorgan Funds in New York. “It’s very disappointing if you go there on vacation. But if you’re trying to grow things, it’s actually pretty good. This is great time for growing profits. That should help the stock market go up.” (more)
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