U.S. stocks were little changed, after the Standard & Poor’s 500 Index rose within a point of its record, as reports showed an increase in jobless claims and economic growth that slowed less than previously estimated.
Stocks rallied, sending the Standard & Poor’s 500 Index to a record, and the euro rebounded from a four-month low as the reopening of Cyprus banks eased concern about Europe’s debt crisis. Commodities erased early gains. Treasuries were little changed and the dollar fell.
Stronger demand for iron ore and coal shipped by sea, led by record monthly steel production in China amid slowing fleet growth, is poised to end a downturn in dry-bulk shipping, said Jefferies Group Inc.
Argentina’s dollar bonds are extending the steepest losses in emerging markets after a U.S. appeals court rejected a request to rehear a case against holders of defaulted debt, increasing the likelihood the government will lose the battle.
Bond risk in the Asia-Pacific region dropped after Cyprus reached an accord with creditors on an international bailout. Suzlon Energy Ltd., the Indian wind- turbine maker which defaulted on its convertible bonds last year, and China State Construction International Holdings Ltd. began marketing U.S. dollar-denominated notes.