U.S. stocks rose as jobless claims fell and earnings topped forecasts, while the pound strengthened against the dollar after data showed the U.K. economy avoided a triple-dip recession. Gold rallied for a second day.
3M Co., the maker of products ranging from Scotch tape to dental braces, cut its annual earnings forecast after quarterly profit trailed estimates for the first time in 1 1/2 years amid a slowing global economy.
U.S. stocks rose, extending a rally in the Standard & Poor’s 500 Index to a fifth day, as earnings from United Parcel Services Inc. to Cliffs Natural Resources Inc. topped estimates and jobless claims fell.
Jacob J. Lew pivots to Europe, a region fraught with risks to the world economy, after making China his first overseas destination as Treasury secretary last month in a nod to the strongest engine of global growth.