The Standard & Poor’s 500 Index rose, giving it the best three-day rally in two months, while Treasuries fell as Yahoo! Inc. jumped on earnings and U.S. industrial production increased. The pound strengthened and copper advanced.
U.S. stocks maintained gains, after an earlier rally fueled by optimism on corporate earnings and better-than-estimated factory data, as Federal Reserve Chair Janet Yellen said the central bank has a “continuing commitment” to support the economic recovery.
The pace of U.S. home construction rebounded less than forecast in March, held back by declines in warmer parts of the country that indicate the recovery in residential building will be slow to develop.
Declines in housing starts and building permits data suggest Canada is headed for the soft landing in real estate that policy makers have forecast, damping concern that a rapid fall in home prices could hobble the world’s 11th-largest economy.
Lenders from JPMorgan Chase & Co. to Bank of America Corp. warned that corporate-bond buyers were in for another year of rising yields that would erode returns. China, the polar vortex and Vladimir Putin are upending those forecasts.
Canadian stocks rose to a five-year high as Russian President Vladimir Putin signaled he wouldn’t invade eastern Ukraine and the U.S. reported home construction data that showed the industry was stabilizing.