U.S. stocks rose, sending the Dow Jones Industrial Average to its first close above 16,000, as data showed improvement in the job market and companies including Union Pacific Corp., Johnson Controls Inc. and Ace Ltd. said they would repurchase shares.
The Standard & Poor’s 500 Index rose following its first three-day slump since September, as gasoline and oil rallied while gold and silver slid. Emerging market stocks fell as a gauge of Chinese manufacturing missed estimates and the Federal Reserve said it may reduce stimulus.
U.S. stocks may fall as much as 12 percent in the next four to five months after the Standard & Poor’s 500 Index surpassed 1,800 during trading hours earlier this week, according to Societe Generale SA.
Asian stocks outside Japan fell for a third day after minutes from the Federal Reserve’s last meeting signaled bond purchases may be reduced in coming months and a gauge of China manufacturing fell more than expected.
Hong Kong stocks fell, with an index of Chinese companies sliding from an eight-month high, after a private gauge of mainland factory activity declined for the first time in four months and minutes from the Federal Reserve signaled it may cut stimulus sooner than expected.