U.S. stocks advanced for a second day as better-than-estimated retail sales boosted consumer shares, while energy producers climbed as natural gas prices jumped the most in a month. Treasuries fell and the dollar and yen declined against higher-yielding currencies.
Home Depot Inc., Intel Corp. and Walt Disney Co. rallied at least 1.8 percent for the steepest gains in the Dow Jones Industrial Average. El Paso Corp., owner of the largest U.S. network of natural-gas pipelines, climbed 3.4 percent. Goldman Sachs Group Inc. rose to the highest level in 10 months after posting record quarterly profit.
The Standard & Poor’s 500 Index added 0.5 percent to 905.84 at 4:07 p.m. in New York following its steepest rally since June 1 yesterday. The Dow rose 27.81 points, or 0.3 percent, to 8,359.49. More than five stocks advanced for every two that fell on the New York Stock Exchange.
Treasuries declined after the Commerce Department said retail sales increased 0.6 percent in June, the best gain since January, adding to signs the steepest recession in more than 50 years may be easing and crimping demand for the relative safety of government debt. Prices paid to U.S. producers increased last month by twice as much as anticipated, a separate report showed.
(Bloomberg.com)