Stocks Rise on Housing Data as Euro, Spain Bonds Gain
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U.S. stocks rose as a jump in housing starts to a four-year high overshadowed earnings that disappointed investors at two of the largest technology companies. Treasuries fell, while the euro climbed with Spanish and Italian bonds.
The Standard & Poor’s 500 Index added 0.4 percent to 1,460.91 at 4 p.m. in New York as homebuilders advanced while International Business Machines Corp. and Intel Corp. retreated after reporting earnings. The euro gained 0.5 percent to a one-month high of $1.3123. Spain’s 10-year bond yield dropped 34 basis points to 5.47 percent, while Italian rates sank 17 basis points. Ten-year U.S. yields added 10 basis points to 1.81 percent.