U.S. Stocks Rise on Europe Debt Optimism; French Bonds Retreat
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U.S. stocks rose, sending the Standard & Poor’s 500 Index to a three-week high, and the euro erased losses amid optimism European leaders are planning larger efforts to fight the debt crisis. Treasuries fell.
The S&P 500 climbed 0.1 percent to close at 1,258.47 at 4 p.m. in New York after drifting between gains and losses for most of the day. French, Spanish and Austrian bonds fell after S&P said it may cut credit ratings on 15 euro nations and the European bailout fund. The euro was little changed at $1.34 after slumping as much as 0.5 percent. Cotton, silver and hogs rose more than 1 percent to lead the S&P GSCI Index of materials up 0.3 percent.