The Standard & Poor’s 500 Index was tumbling to a 10-month low on July 2 as U.S. hiring declined and factory orders plunged. At Marketfield Asset Management in New York, Michael Shaoul told clients to hang on.
Building-supply stocks such as USG Corp., in which Warren Buffett holds a 16 percent stake, and Eagle Materials Inc. that more than doubled last year are poised to rise further as the U.S. housing market extends its recovery.
U.S. stocks rose for the fifth time in six days, driving the Standard & Poor’s 500 Index to a record, after Tyson Foods Inc. offered to buy Hillshire Brands Co. and investors speculated the economy is improving following a contraction in the first quarter.
U.S. stocks rose, rebounding from an earlier loss, as lower-than-estimated claims for unemployment benefits and a vote by German lawmakers to expand a European bailout fund helped offset losses by technology and consumer companies. Greek bonds surged and the euro rose.