U.S. Stocks, Oil, Euro Gain Ground
Stocks rose, preventing a second straight weekly decline for the Standard & Poor’s 500 Index, and commodities climbed as U.S. consumer confidence improved and Europe took steps to address its debt crisis. Italy’s bonds gained and oil reached a three-month high.
The MSCI All-Country World Index increased 2.2 percent at 1:33 p.m. in New York, after falling 3.1 percent in the past two days. The Standard & Poor’s 500 Index advanced 2 percent, pushing it up 0.9 percent for the week and 0.6 percent in 2011. The euro appreciated 1.1 percent to $1.3753. The yield on the Italian 10-year bond declined 44 basis points to 6.45 percent. Oil in New York traded near $99 a barrel.
U.S. equities extended an early rally after confidence among consumers topped estimates in November, bolstering optimism before the holiday shopping season. Italy’s Senate approved debt-reduction measures, paving the way for a new government led by former European Union Competition Commissioner Mario Monti, while Greece will swear in Lucas Papademos to head a unity government. For more visit: Bloomberg.com
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