For the second time in two sessions, the Standard & Poor’s 500 Index has rebounded after falling below its average price from the past 50 days, a level watched by analysts who make forecasts based on chart patterns.
U.S. stocks may gain more than 20 percent within the next 10 months as investors are too pessimistic about the economic outlook, said Ralph Acampora , whose career as a technical analyst began in 1966.
U.S. stocks are likely to add to the gains that lifted the Standard & Poor’s 500 Index 6.1 percent through yesterday from a seven-month low on June 7, said Ralph Acampora , whose career as a technical analyst began in 1966.
Stocks rose, with the MSCI World Index extending its longest advance in 11 months, as a late-day rally in technology shares helped the U.S. market reverse an early drop. The euro gained as a Spanish bond sale eased concern the region’s debt crisis will worsen. Gold rallied.
German stocks fell the most in six weeks after the Federal Reserve said growth in the U.S. economy is likely to be “more modest” than it had forecast, while government data suggested a slowdown in China is deepening.
U.S. stocks rose, with benchmark indexes turning positive for the year, as a late-day technology- share rally helped the market overcome an early slump spurred by economic reports casting doubts on the strength of the recovery.