Sales of previously owned U.S. homes dropped in January to the lowest level in more than a year as harsh winter weather combined with a lack of supply, strict lending rules and declining affordability to depress demand.
Natural gas and oil led a gauge of commodities to a five-month high as a winter storm in the U.S. Northeast boosted fuel demand and coffee surged amid a drought in Brazil. The Standard & Poor’s 500 Index rose a third day.
Treasury 10-year note yields dropped to the lowest level in a week as a report showed manufacturing slowed more than forecast in February in the New York region, adding to speculation the U.S. economic recovery is faltering.
Most U.S. stocks rose, with the Standard & Poor’s 500 Index climbing to within eight points of a record, as a $25 billion deal to acquire Forest Laboratories Inc. offset slower growth in New York-area manufacturing.