U.S. stocks rallied to near a record high after data showing an increase in consumer spending underscored the strength of the world’s largest economy amid speculation over the outlook for interest rates. The dollar maintained gains, while oil retreated.
The S&P 500 rose 0.5 percent to 2,180.38 as of 4 p.m. in New York, halting its longest run of losses since June. Wells Fargo & Co. and Facebook Inc. contributed the most to the gauge’s advance, while Herbalife Ltd. climbed after billionaire Carl Icahn bought more than 2.3 million shares in the embattled nutrition company, a high-profile target of fellow billionaire activist investor Bill Ackman.
The Stoxx Europe 600 Index retreated 0.2 percent, paring earlier losses. A gauge of auto makers posted the biggest decline, while the decline in oil prices dragged energy producers lower. The volume of shares changing hands was 73 percent below the 30-day average given U.K. markets were closed for a holiday.
Asian stocks rose, following a rebound in U.S. shares on signs of strength in the American economy, while equities in Japan slumped after the yen snapped a four-day slide.
The MSCI Asia Pacific Index climbed 0.3 percent to 138.33 as of 9:16 a.m. in Tokyo. The index fell Monday after Federal Reserve Chair Janet Yellen indicated the case for an interest-rate hike is getting stronger. The Topix index slipped 0.3 percent as the yen traded at 101.78per dollar.
Reference: Bloomberg
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