Stocks Rise as Commodities Rebound While Treasuries Drop
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The Standard & Poor’s 500 Index rose for a fourth day as commodities rebounded and Hewlett-Packard Co. paced gains in technology shares after boosting its forecast, helping the market recoup early losses. Treasuries fell as a 10-year note sale drew the weakest demand since 2009.
The S&P 500 rose less than 0.1 percent to 1,402.22 at 4 p.m. in New York, erasing a loss of as much as 0.4 percent and closing at a three-month high. The Stoxx Europe 600 Index gained 0.2 percent after dropping 0.7 percent. Ten-year Treasury note rates climbed to a five-week high following the $24 billion auction. Oil slipped after U.S. Energy Department data showed weakening fuel demand, while corn and cattle jumped more than 1 percent to lead commodities higher.