Europe’s fiscal crisis and China’s slower growth weighed down first-quarter earnings at U.S. companies reliant on overseas sales, threatening to temper a recovery that pushed the Standard & Poor’s 500 Index to records.
U.S. stocks rose on better-than- forecast earnings from companies including Pfizer Inc. and Valero Energy Corp., returning benchmark indexes to five-year highs. Oil helped lead a rally in commodities as global reports boosted economic confidence, while the dollar fell.
The benchmark gauge for U.S. stock options rose the most 15 months as minutes from the Federal Reserve’s last meeting showed a debate over the monetary stimulus that has fueled a four-year bull market in equities.
U.S. stocks fell, trimming the best September rally for the Standard & Poor’s 500 Index since 1939, amid concern that Europe’s debt crisis will worsen and the profit outlook for banks and retailers is deteriorating.
Oct. 24 (Bloomberg) -- Haverford Trust CIO Hank Smith and Oppenheimer & Co. Chief market Strategist John Stoltzfus discuss the impact on the markets of the 2012 presidential election. They speak on Bloomberg Television's "In The Loop." (Source: Bloomberg)