U.S. stocks swung between gains and losses as crude slipped below $32 a barrel in New York and China signaled it won’t seek a grand currency deal at the Group of 20 meeting. Treasuries advanced.
The Standard & Poor’s 500 Index struggled to add to yesterday’s late-session rally as energy producers fell 1 percent amid renewed selling in crude. Europe’s benchmark index snapped a two-day losing streak after Lloyds Banking Group Plc raised its dividend to boost beaten-down lenders. The dollar firmed after data showed orders for U.S. capital goods rebounded in January by the most since 2014. The Shanghai Composite Index sank the most in a month as surging money-market rates indicated tighter liquidity in China.
The S&P 500 climbed 0.3 percent at 12:12 p.m. in New York. The index rebounded late Wednesday after a turnaround in crude-oil prices sparked broader buying. The capital goods data was joined by a separate report that showed the number of Americans filing applications for unemployment benefits rose last week by more than estimated.
Bank shares, among the worst performers this year, led gains with a 0.6 percent rise, while Salesforce.com Inc. jumped after giving a forecast that topped estimates. Restoration Hardware Holdings Inc. plunged 21 percent after preliminary earnings missed estimates.
Source : Bloomberg