U.S. stocks rose, following their worst month in a year, as energy shares rallied with the price of crude to overshadow data showing manufacturing growth slowed. The dollar, Treasuries and gold retreated.
The Standard & Poor™s 500 Index added 0.3 percent at 12:15 p.m. in New York, erasing an earlier drop of 0.7 percent. Energy producers in the index rose 1.6 percent. The Stoxx Europe 600 Index closed little changed after erasing a loss of 0.8 percent. The 10-year Treasury yield climbed four basis points to 1.68 percent. Spain™s 10-year rate increased seven basis points to 1.49 percent, the most since Jan. 5. The Bloomberg Dollar Spot Index fell 0.3 percent after three days of gains. U.S. oil added 2.2 percent and gold lost 0.4 percent.
Exxon Mobil Corp. and Chevron Corp. jumped more than 1.2 percent to lead energy producers higher. Factories expanded in January at the weakest pace in a year as orders cooled, a sign weakness in overseas markets is restraining U.S. manufacturing. U.S. stocks declined in January while Treasuries had their best month since 2008 amid slower-than-forecast growth and mounting concern sliding oil prices and a strong dollar will hurt corporate profits.
Source : Bloomberg