U.S. Stocks Advance as Commodities Retreat on Dollar Strength
- Verizon rises on Yahoo deal speculation as GE falls on results
- Pound drops as business activity shrinks after Brexit vote
Wieting: U.S. 2Q Economic Strength Is a Mirage
U.S. stocks rose, sending the S&P 500 Index to a record, and the dollar strengthened as speculation mounted that central banks from Japan to Europe won’t be in a rush to add to unprecedented stimulus. Emerging-market assets and commodities retreated.
The S&P 500 capped a fourth weekly gain as a preponderance of earnings reports topped estimates. Verizon Communications Inc. climbed after Bloomberg News reported the phone company was close to acquiring Yahoo! Inc. The pound dropped after U.K. business activity contracted following the Brexit vote. Commodities from oil to copper sank as the dollar strengthened. Brazil’s real fell as the central bank extended its intervention, while the Ibovespa rose for a sixth weekly gain.