U.S. stocks fell, sending the Standard & Poor’s 500 Index to its worst January since 2010, as earnings reports at Amazon.com Inc. and Mattel Inc. disappointed investors and turmoil in emerging markets continued.
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.
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.
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.
U.S. equities halted the longest slump of the year and European stocks rebounded from a two-month low as Alcoa Inc. opened the earnings season with an unexpected profit. Spanish bonds rose as a European Central Bank official signaled the ECB may revive its bond-purchase program.