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Stocks Rebound as Metals Rise While Treasuries Drop on Economy

June 25, 2013

June 25 (Bloomberg) -- Stocks rebounded from yesterday’s slide as better-than-forecast reports on durable-goods orders, housing and consumer confidence bolstered optimism in the economy and concern about interest rates in China eased. Metals advanced while Treasuries retreated.

The Standard & Poor’s 500 Index added 0.8 percent and the Stoxx Europe 600 Index climbed 1.5 percent at 1:56 p.m. in New York. China’s CSI 300 Index slid 0.3 percent after losing as much as 6.8 percent. The U.S. 10-year yield added five basis points to 2.59 percent after reaching 2.66 percent yesterday, the highest since August 2011. European corporate credit risk fell from a seven-month high. Copper jumped almost 2 percent.

Bookings for durable goods climbed 3.6 percent, Commerce Department data showed, while separate reports on house prices, new-home sales and consumer confidence topped estimates. China’s central bank will closely monitor the money-market rate and keep it at reasonable levels, according to Ling Tao, deputy director of the Shanghai branch of the People’s Bank of China. European Central Bank President Mario Draghi said the euro-area economy’s condition still requires a loose monetary policy.

"People are still digesting the news from the Fed, making mental adjustments for different levels of interest rates and what those might imply for securities’ prices over the next several quarters," John Carey, a fund manager at Boston-based Pioneer Investment Management Inc., said by telephone. His firm oversees about $208 billion. "I’m encouraged the market has stabilized a little here," he said. "It’s not a robust recovery of share prices but it’s at least a little bit of improvement after last week."

 

June Retreat

 

The gain in stocks lifted the S&P 500 from the lowest close in nine weeks. The index has climbed 11 percent this year. It is up 1.2 percent for the quarter and down 2.6 percent in June, poised for its worst month in more than a year.

PulteGroup Inc. rallied 4.1 percent and an S&P index of homebuilders jumped 2.2 percent. JPMorgan Chase & Co. and Bank of America Corp. gained at least 2.4 percent as financial companies rallied. Walgreen Co. sank 6.6 percent after posting quarterly profit that missed estimates. Netflix Inc. slid 1.9 percent after Sanford C. Bernstein & Co. cut its rating on the company to underperform.

 

Fed Watch

 

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