Pursuits
U.S. Stocks Advance on Better-Than-Estimated Economic Reports
This article is for subscribers only.
U.S. stocks rebounded, a day after the Standard & Poor’s 500 Index declined to a three-month low, as better-than-estimated housing starts and jobless claims reports tempered concern about a slowdown in the economy.
A gauge of 12 homebuilders in S&P indexes rallied 1.6 percent. Kroger Co. advanced 4.5 percent after the largest U.S. grocery chain raised its full-year profit forecast. Southern Union Co. soared 18 percent as Energy Transfer Equity LP agreed to buy it for $4.2 billion in the largest purchase of a pipeline company this year. Benchmark indexes erased gains earlier today amid concern big banks will face larger capital increases to comply with proposed international regulations.