U.S. stocks climbed for a second day as optimism grew over corporate earnings and the Nasdaq Composite Index rebounded after falling near its average level for the past 200 days. Treasuries rose amid increasing tensions in Ukraine, while emerging markets slumped on signs China’s economy is slowing.
The Standard & Poor’s 500 Index fell, erasing its gain for the year, while Treasuries and the yen advanced as tension persisted in Ukraine. Copper declined as data from China missed estimates and gold reversed losses.
While stock markets around the world are closed for Good Friday, the U.S. Labor Department will publish its monthly employment report today at 8:30 a.m. New York time. That means another early morning for Wedbush Securities Inc.’s Michael James in Los Angeles.
U.S. stocks rose, extending the biggest first-quarter rally in 13 years for the Standard & Poor’s 500 Index, as a report showing companies added more workers in March bolstered optimism about the economy.
The dollar rose for a sixth day while Treasuries slid as faster-than-forecast growth in manufacturing fueled speculation the Federal Reserve will taper bond purchases. U.S. stocks climbed after a two-day drop while the S&P GSCI Index of commodities sank to a four-month low.
U.S. equities recouped $1 trillion of share value that was erased in the last seven weeks, as Federal Reserve Chairman Ben S. Bernanke pledged to preserve stimulus and stocks rallied on signs of economic expansion.