U.S. stocks rose, with the Dow Jones Industrial Average returning to a record, after data showed consumer confidence climbed to the highest level since 2008 and home values jumped the most in seven years.
Global stocks rose for the first time in five days, commodities gained and Treasuries slid as U.S. reports showed consumer confidence reached the highest level since 2008 and home values jumped the most in seven years. The yen weakened while the dollar rose.
The Standard & Poor’s 500 Index may rise by year-end to a level seen by technical analysts as a harbinger for a return to the benchmark’s 2007 record, according to Ryan Detrick at Schaeffer’s Investment Research.
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 fell the most since November, erasing the Dow Jones Industrial Average’s 2012 advance, as American employers added the fewest workers in a year and reports signaled global manufacturing was slowing.
U.S. stocks fell, sending the Standard & Poor’s 500 Index to the lowest level in a month, as concern grew that Europe’s debt crisis will worsen and lawmakers will fail to agree on plans to cut the American deficit.