STOCKS rose yesterday, after benchmark indexes closed at all-time highs last week, as confidence in the global economy grew amid support from central banks.
The Standard & Poor’s (S&P) 500 index rose 0.2 percent to 2 067.18 at 11.53am in New York. The Dow fell 1.22 points, or less than 0.1 percent, to 17 08.84, weighed down by Verizon and AT&T. The Russell 2000 index of smaller companies climbed 0.7 percent.
Best Buy jumped 1.8 percent before the start of the holiday shopping season. Urban Outfitters advanced 5.1 percent, the most in the S&P’s 500 index. Verizon fell 1.9 percent for the biggest drop in the Dow Jones industrial average, after Citigroup lowered its rating on the stock. AT&T lost 1.9 percent.
“We’re seeing a carry-over from last week’s comments by [European Central Bank president Mario] Draghi trying to address the inflation in Europe, and the actions from the Chinese central bank to lower lending rates,” said Robert Pavlik, the chief market strategist at Banyan Partners. – Bloomberg