Shares of U.S. homebuilding companies have fallen more than 20 percent since May, even as home- improvement retailers rose to a record high, a sign some investors are too pessimistic that higher mortgage rates could derail new construction.
U.S. stocks rose for a third straight week, sending the Standard & Poor’s 500 Index to a record, as earnings beat estimates and weak economic data fueled speculation the Federal Reserve will delay reducing stimulus.
John Manley , who chaired a meeting of global executives that coincided with the Group of 20 leaders summit last month, said there is a consensus among business chiefs worldwide that government deficits are the biggest threat to an economic recovery.
U.S. stocks rose, with the Standard & Poor’s 500 Index erasing an earlier decline, as data showing employers added fewer workers than anticipated in July signaled the Federal Reserve will continue its stimulus efforts.
The broadest rally in U.S. stocks since at least 1990 has lifted shares of everything from the smallest companies to the biggest banks, signaling the bull market for America’s largest corporations will last at least until the end of the year, if history is a guide.