S&P 500 Rises on U.S. Optimism While Metals Fall on China
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U.S. stocks rose, sending the Standard & Poor’s 500 Index to a record for the eighth time in nine days, amid improving confidence in the world’s largest economy. Industrial metals fell on concern about China’s growth.
The S&P 500 added 1 percent to 1,650.34 at 4 p.m. in New York after the Shanghai Composite Index lost 1.1 percent. Copper slid more than 2 percent to lead commodities lower and oil extended its longest slump of the year. The yen dropped 0.4 percent at a four-year low of 102.26 per dollar. Ten-year Treasury yields erased earlier losses and rose five basis points to 1.97 percent, the highest level since March. The Dollar Index, a gauge of the currency against six major peers, added 0.4 percent to the highest level since July.