U.S. stocks meandered, with the Dow Jones Industrial Average ticking up to its highest level since July as global equities capped a fifth straight advance on gains in Europe and Asia. Commodities retreated as oil slipped and a stronger dollar weighed on metals.
Mixed corporate earnings saw the Standard & Poor’s 500 Index swing between gains and losses, with financial shares advancing a second day amid a spate of results, while consumer-staples producers and mining shares declined. The Stoxx Europe 600 Index capped its longest rally in six weeks. Crude slipped before talks on a possible output freeze. The dollar edged higher even as data showed U.S. inflation cooled. Defaults on high-yielding American bonds have topped $14 billion, the largest monthly volume in two years.
