U.S. Stocks Climb as Economic Data Offset Spending Cuts
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U.S. stocks rose, erasing earlier losses in the Standard & Poor’s 500 Index, as better-than-estimated data on consumer confidence and manufacturing offset concerns about federal spending cuts.
Groupon Inc. rallied 13 percent after firing its chief executive officer. Salesforce.com Inc. jumped 7.6 percent after posting better-than-estimated results for the fourth quarter. Apple Inc. fell 2.5 percent to its lowest level in more than a year. Freeport-McMoRan Copper & Gold Inc. lost 1.4 percent as metals tumbled on a report showing China’s manufacturing slowed.