The Standard & Poors 500 Index rose, as data showing strength in the U.S. economy overshadowed reports of slowing manufacturing in Europe and China that sent industrial metals and European equities lower.
The S&P 500 added 0.2 percent at 12:27 p.m. in New York, erasing earlier losses of 0.4 percent as retailers and energy shares rallied. The gauge is poised for a record close. The Russell 2000 Index of small companies jumped 0.7 percent. The Stoxx Europe 600 Index closed lower by 0.3 percent, trimming a drop of 0.9 percent. The yield on 10-year Treasury notes lost two basis points to 2.34 percent. The Bloomberg Dollar Spot Index erased declines to trade little changed. Natural gas futures increased 1.4 percent, while copper slumped 0.6 percent.
Purchases of previously owned U.S. homes unexpectedly rose in October, while the Philadelphia Feds manufacturing index surged past estimates and an index of leading economic indicators climbed more than forecast. U.S. inflation was little changed in last month. Manufacturing and services in the euro area unexpectedly fell and a flash purchasing managers index for Chinese slid to 50, the borderline between expansion and contraction and below economists estimates.