Oil fell and the yen weakened against the dollar while energy-company shares led the Standard & Poor’s 500 Index lower after Iran and world powers reached an initial deal on limits to the nation’s nuclear program.
U.S. stocks rose, giving the Standard & Poor’s 500 Index a fourth straight week of gains, as better-than-forecast results from General Electric Co. offset disappointing earnings from Google Inc. and Microsoft Corp.
European stocks climbed to their highest level in 11 weeks as signs of stronger growth in China and Japan outweighed a selloff in Greek lenders after a meeting of euro-area leaders discussed the region’s debt crisis.
The Standard & Poor’s 500 Index rose to a record close, erasing earlier losses, as better-than- estimated results from General Electric Co. overshadowed disappointing earnings from Google Inc. and Microsoft Corp. Gold advanced and the dollar slumped.
European stocks have risen half as much as global benchmarks this year, leaving them cheaper than equities in the U.S. and Asia as the region’s economy starts to recover from the longest recession on record.
Profits at European companies are trailing analyst estimates by the most in at least five years, dragged down by manufacturing shares that had been forecast to lead a rally in the second half of the year.