US Stocks Finally Pullback After Record-Breaking Losing Streak
Jul, 29th 03:24
U.S. stocks rose, ending their longest losing streak since January, amid better-than-forecast earnings and as Chinese equities pulled back from a selloff.
Energy shares rallied with oil, and Freeport-McMoRan Inc. led raw-material producers higher as copper climbed. Baidu Inc. fell 15 percent after forecasting sales that were below analysts’ targets. Ingersoll-Rand Plc lost 6.6 percent as earnings missed estimates.
The Standard & Poor’s 500 Index increased 1.2 percent to 2,093.25 at 4 p.m. in New York, as the gauge climbed the most in two weeks to hit its average price during the past 100 days.
The Dow Jones Industrial Average added 189.68 points, or 1.1 percent, to 17,630.27 after Monday reaching its lowest level since February. The Nasdaq Composite Index rose 1 percent.