Stocks rose around the world and the dollar and the yen fell as sales of U.S. homes increased more than forecast and speculation grew that central banks will keep interest rates near record lows.
The Standard & Poor’s 500 Index rallied 1.4 percent to 1,106.24 at 4:07 p.m. in New York and the Dow Jones Industrial Average climbed to a 13-month high. Europe’s Dow Jones Stoxx 600 Index jumped 2 percent, its best gain in six weeks. Copper surged to a 14-month high and gold reached a record as the Dollar Index fell for the first time in three days.
Sales of existing U.S. homes increased 10 percent in October to the highest level since February 2007, National Association of Realtors data showed today. Economic reports this week will show rising export orders in Taiwan and South Korea, according to Bloomberg News surveys of economists’ forecasts.
(Bloomberg.com)
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