Pursuits
U.S. Stocks Rise as Energy Stocks Offset Drop in New Home Sales
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U.S. stocks rose, trimming the biggest weekly drop of the year for the Standard & Poor’s 500 Index, as gains in commodity and energy companies amid rising oil prices offset an unexpected decline in new-home purchases.
Material and energy shares each climbed 1 percent, the most among 10 groups in the S&P 500, as crude rose on a report that sanctions will reduce Iranian exports. Chevron Corp. gained 1 percent. Morgan Stanley added 3.8 percent, pacing an advance among financial companies, after it was raised to sector perform by Royal Bank of Canada. Bats Global Markets Inc. withdrew its initial public offering after errors on its own system derailed trading in the stock and forced a halt in Apple Inc.