U.S. stocks rose, paring the worst weekly drop for the Standard & Poor’s 500 Index since November, amid better-than-estimated earnings and Group of 20 nation talks aimed at bolstering the global economy. The yen weakened, gold climbed above $1,400 an ounce and oil advanced.
U.S. stocks fell for a second day amid disappointing earnings reports and data on leading economic indicators and Philadelphia-area manufacturing that trailed estimates. European shares erased earlier gains while gold rose and oil rebounded from a four-month low.
Asian stocks fell, with the regional benchmark index set for its biggest drop in a month, led by mining companies as commodities slumped on concern weaker global economic growth will crimp demand for raw materials.
U.S. stocks sank, erasing yesterday’s rally, amid a plunge in industrial metals, disappointing earnings and concern Apple Inc.’s iPhone sales may miss forecasts. The euro slid as Germany’s central bank chief reportedly said European policy makers may cut rates if needed.
Even bulls are taking steps to protect profits after gains in U.S. stocks added $10 trillion to equity values, convinced the first decline in earnings since 2009 will spur losses in the historically weak second quarter.
Retail sales are rising fast enough to indicate the effects of tax-law changes and gasoline-price increases on consumer spending will be fleeting, according to Jonathan Golub, UBS AG’s chief U.S. equity strategist.