U.S. Stocks Rebound From Nine-Week Low on Economic Data

by Inyoung Hwang - Bloomberg  |  published on June 26, 2013

U.S. stocks rose, as the Standard & Poor’s 500 Index (SPX) rebounded from a nine-week low, after data showed durable-good orders and home sales increased more than forecast and consumer confidence climbed.

PulteGroup Inc. (PHM) rallied 3.9 percent as an index of homebuilders jumped 1.1 percent. JPMorgan Chase & Co. and Bank of America Corp. gained at least 2.3 percent as financial companies advanced. Walgreen Co. sank 5.9 percent after posting quarterly profit that missed estimates. Netflix Inc. (NFLX) slid 1.3 percent after Sanford C. Bernstein & Co. cut its rating on the company to underperform.
The S&P 500 climbed 1 percent to 1,588.03 in New York. The Dow Jones Industrial Average rose 100.75 points, or 0.7 percent, to 14,760.31 today.

“People are still digesting the news from the Fed, making mental adjustments for different levels of interest rates and what those might imply for securities’ prices over the next several quarters,” John Carey, a fund manager at Boston-based Pioneer Investment Management Inc., said by telephone. His firm oversees about $208 billion. “I’m encouraged the market has stabilized a little here.”

U.S. equities climbed today as the Conference Board’s index of U.S. consumer confidence increased to 81.4 in June from 74.3 a month earlier. Another report showed bookings for U.S. goods meant to last at least three years climbed 3.6 percent for a second month, topping economist forecasts.

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