U.S. stocks advanced, rebounding from earlier losses in the Standard & Poor’s 500 Index, as a rally in retail and transportation companies overshadowed concern about discussions on raising the debt ceiling.
U.S. stocks trimmed losses following a report that Europe’s bailout fund will pay the next installment of aid to Greece, easing concern that the nation won’t qualify for rescue funds after electing political leaders opposed to austerity measures.
U.S. stocks rose, with the Standard & Poor’s 500 Index rebounding from its biggest drop in five weeks, as House Speaker John Boehner said he expects to keep working on a budget plan with President Barack Obama.
Hedge funds grew less bullish on gold for a fourth straight week, the longest stretch since November 2012, as mounting concern that the Federal Reserve will curb monetary stimulus sent prices to a four-month low.
Sara Lee Corp. , the maker of Ball Park hot dogs and Senseo coffee, said Brenda Barnes is resigning as chairman and chief executive officer, focusing on her health after taking leave in May to recover from a stroke.
The exchange-traded fund tracking developing-nation shares fell for the first time in three days as manufacturing from China to the U.S. and Australia slowed, sparking concern that the global economic recovery is faltering.