U.S. Stocks, Euro Gain as Egypt Bonds, Emerging Stocks Decline

By Rita Nazareth and Inyoung Hwang

January 31, 2011 at 9:15 PM UTC

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U.S. stocks rose, paring losses from the biggest slump in the Standard & Poor’s 500 Index since August, after consumer spending and Exxon Mobil Corp.’s earnings beat forecasts. The euro advanced, while Egypt’s bonds fell as protests entered a second week.

The S&P 500 rose 0.8 percent to 1,286.12 at 4 p.m. New York time after losing 1.8 percent on Jan. 28 amid unrest in Egypt. The Stoxx Europe 600 Index fell 0.1 percent, rebounding from a 1.1 percent slump earlier today, as the euro gained 0.6 percent against the dollar. Yields on Egypt’s 10-year bonds climbed 26 basis points to a record 7.23 percent. The MSCI Emerging Markets Index fell 0.6 percent as shares in Saudi Arabia, Thailand and South Korea lost at least 1 percent. Brent crude exceeded $100 a barrel for the first time since 2008.