The U.S. Senate voted to let states require out-of-state Internet retailers and catalog companies to collect sales taxes, a victory for brick-and-mortar businesses that have been lobbying on the proposal for more than a decade.
U.S. stocks and commodities climbed, with oil posting its biggest gain of the year, after bigger-than-forecast increases in American durable-goods orders and home prices bolstered optimism in the world’s largest economy. Treasuries erased earlier losses.
The Standard & Poor’s 500 Index rebounded to within two points of its record after orders for U.S. durable goods climbed more than forecast in February and home prices increased the most since June 2006.
Phil Lubov wore his favorite striped blue tie and brought a stack of resumes, aiming to land a holiday-season sales job to replace the retail position he lost in May. Part-time journalism teacher Gabe Walker said he arrived early, trying to boost his income.
Stocks surged, sending U.S. benchmark indexes up the most since May, while the dollar and Treasuries slid as growth in American retail sales bolstered optimism in the earnings season and investors speculated European banks will pass stress tests.
U.S. stocks erased an early loss to finish little changed, leaving the Dow Jones Industrial Average at the highest level since July, as improving sales at retailers and carmakers helped offset lower-than-forecast factory orders.
In March, Ralph Ronzio went to a warehouse in a seedy part of Orange County, California, and watched a man auction off his condo for half what he’d paid for it. Ronzio had bought the place for $329,000 in 2005, when he moved to Southern California from Rhode Island to take a job at a data-storage company. It was the first place he’d ever owned.