Sept. 10 (Bloomberg) -- Global stocks rose for a seventh day, the longest gain in two years, oil fell and the yen slid as data showed China’s economy is improving and Russia bid to get Syria to surrender its chemical weapons.
The MSCI All-Country World Index gained 0.9 percent at 2:29 p.m. in New York and the Standard & Poor’s 500 Index increased 0.6 percent. Dubai shares surged the most since 2009 and the Indian rupee strengthened. Japan’s currency declined against all 16 major counterparts. Treasury 10-year note yields rose four basis points to 2.95 percent. Yields on similar maturity bunds and gilts topped 2 percent and 3 percent, respectively. West Texas Intermediate oil slid as Interfax reported Syria accepted Russia’s proposal.
China’s industrial production rose 10.4 percent in August from a year earlier and retail sales gained 13.4 percent, the National Bureau of Statistics said on its website today. U.S. President Barack Obama, who will address the nation tonight, said in an interview with NBC News he isn’t confident he’ll get congressional approval for a military strike against Syria and that the Russian proposal to convince Syria to give up its chemical weapons is a "potentially positive development."
"The recent data out of China has been signaling a bit of a recovery," Mark Harris, who helps oversee about $1.2 billion as fund manager at City Financial in London, said in an interview. "You’re beginning to see traction globally. This is an opportunity to buy cyclical stocks even though I do expect some sort of a contained pull-back this year and volatility may pick up."
Gauges of industrial, financial and consumer-discretionary companies rose at least 0.8 percent to lead gains among the 10 main industry groups in the S&P 500, while energy shares retreated.
Goldman Sachs Group Inc., Visa Inc. and Nike Inc. will be added to the Dow Jones Industrial Average, replacing Bank of America Corp., Hewlett-Packard Co. and Alcoa Inc. in the first reshuffling since September 2012. The changes will boost the number of financial-related companies in the 30-member gauge to five as the fifth-biggest U.S. bank by assets and the largest payment network join JPMorgan Chase & Co., Travelers Cos. and American Express Co. Bank of America is being kicked out even after rallying 109 percent in 2012, the Dow’s largest gain.
Goldman Sachs climbed 3.6 percent, while Nike jumped 1.7 percent and Visa increased 2.8 percent. Hewlett-Packard lost 0.9 percent and Alcoa dropped 0.5 percent. Bank of America added 1 percent.