U.S. stocks rose for the week, giving the Standard & Poor’s 500 Index the longest winning streak since February, as signs of a stronger economy overshadowed concern the Federal Reserve will scale back stimulus.
U.S. stocks rose, after the Standard & Poor’s 500 Index climbed for four straight weeks, as Exxon Mobil Corp. and U.S. Steel Corp. led a commodity rally while investors awaited data on employment and economic growth.
Industrial metals led a gauge of commodities to a four-month low, while the dollar weakened and Treasuries rose, as investors assessed economic data for clues to future policy moves from central banks. U.S. shares rose a second day and European stocks closed at a five-year high.
U.S. Steel Corp. and AK Steel Holding Corp. gained after after Goldman Sachs Group Inc. raised its rating on the unprofitable companies to buy from sell and said the outlook for the domestic steel industry is improving because of higher demand.
AK Steel Corp., a producer of steel used for automobiles, construction and electrical power generation, said it persuaded a court that it didn’t infringe a patent belonging to Luxembourg’s ArcelorMittal SA.
U.S. stocks fell, sending benchmark indexes to their biggest declines since August, amid concern that Federal Reserve stimulus reductions and political debate over government spending pose a threat to economic growth this year.
U.S. stocks fell the most since August and Treasuries rose as concerns grew that political debate over government spending and potential Federal Reserve stimulus cuts may pose a threat to economic growth. Emerging- markets shares dropped and gold retreated the most in 11 weeks.
AK Steel Holding Corp. , the third- largest U.S. steelmaker by 2009 sales, revised its third-quarter forecast to an operating loss because of sooner-than-planned maintenance and increasing iron-ore prices.