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Stocks Gain on Earnings Optimism; Gold Rises, Pound Falls

U.S. stocks rose for a fourth day amid optimism companies will report better-than-forecast earnings for the second quarter. Gold advanced and the yen weakened, while the British pound touched a three-year low.

The MSCI All-Country World Index climbed 0.8 percent at 4 p.m. in New York and the Standard & Poor’s 500 Index rose 0.7 percent, erasing its loss since the Federal Reserve’s June meeting. The pound slid after U.K. manufacturing unexpectedly shrank in May. Treasury three-year yields were little changed after the U.S. sold $32 billion of the notes today at the highest yields since June 2011. Gold rallied 0.9 percent, while corn and wheat jumped more than 2 percent as dry, warm U.S. weather increased the risk of crop damage.