U.S. stocks retreated, giving benchmark indexes their first back-to-back drops in one month, as a contraction in China manufacturing offset American housing data and investors weighed Federal Reserve stimulus comments.
U.S. stocks rose, snapping a three- day decline in the Standard & Poor’s 500 Index, as the Federal Reserve will keep up its bond buying to stimulate the economy and euro-area leaders weighed options for Cyprus.
U.S. stocks had the biggest weekly retreat since June as the International Monetary Fund reduced its global growth forecasts and projections from Advanced Micro Devices Inc. and Alcoa Inc. disappointed investors.
The post-election rout in U.S. stocks has driven the Standard & Poor’s 500 Index down so far that it would have to advance 26 percent to reach the valuation of bull markets since John F. Kennedy was in the White House.
U.S. stocks rose, sending the Dow Jones Industrial Average to the highest level in five years, as better-than-estimated housing data bolstered economic optimism and European shares rebounded amid gains in Italian bonds.
Dollarama Inc. is beating Wal-Mart Stores Inc. and Target Corp. as the top North American mass retail stock this year on forecasts its dominance of the Canadian market will be unchallenged for as much as five years.