Stocks Rise on Earnings as Gasoline Rallies on Supply Concerns
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Stocks rose amid improving earnings, sending the Standard & Poor’s 500 Index up for a third day, while gasoline surged as flooding along the Mississippi River threatened to cut supplies. Greek bonds rallied as speculation grew the nation will avoid a debt restructuring.
The S&P 500 advanced 0.8 percent to 1,357.16 at 4 p.m. in New York. Gasoline jumped 3.1 percent and oil rose 1.3 percent to $103.88 a barrel in New York, erasing early losses. Greek 10-year yields fell 28 basis points to 15.43 percent. The yen weakened versus 15 of 16 most-traded peers and the Swiss franc depreciated against all 16 as investors pursued riskier assets. Treasuries fell following an auction of three-year debt.