Stocks Gain After Retail Sales; Commodities Decline
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U.S. stocks rose, sending the Standard & Poor’s 500 Index to its biggest gain in two weeks, and the yen weakened after American retail sales topped estimates. Commodities fell as manufacturing in the New York region shrank for a third month.
The S&P 500 climbed 0.8 percent to 1,440.13 as of 4 p.m. in New York. The Stoxx Europe 600 Index climbed 0.5 percent. The S&P GSCI gauge of raw materials lost 0.3 percent, led by natural gas and silver. Oil pared losses after falling as much as 2.3 percent in New York. The yen slid 0.3 percent to 78.68 per dollar. Ten-year Treasury yields rose one basis point to 1.66 percent after a four-day drop.