U.S. stocks rose, paring a weekly decline in the Standard & Poor’s 500 Index, as optimism grew that lawmakers would reach a deal to end America’s budget standoff. Treasuries and gold fell while Italian bonds advanced.
Commodity stocks, lagging behind the Standard & Poor’s 500 Index by the most in 15 years, are poised to rally as analysts estimate profits will rise almost twice as fast as the rest of U.S. industry in 2014.
U.S. stocks rose, with the Standard & Poor’s 500 Index trimming a weekly decline, as optimism grew that the lawmakers would reach a deal to end the budget impasse and avoid a default on the federal debt.
In June 2008, American International Group Inc. was desperately trying to figure out what to do with its $80 billion in money-losing credit-default swaps, which were backed by mortgages. Then Larry Fink came calling.