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U.S. Stocks Rise as Treasuries Advance; Oil Surges: Markets Wrap

  • Factory data across Asia rekindle fear of global slowdown
  • Treasuries surge on haven demand; euro weakens alongside pound
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There’s a "very strong case" for a Fed pause in March, says Tony Crescenzi, market strategist at Pimco.Source: Bloomberg)
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U.S. stocks started the new year with a modest rebound from the worst December rout since the Depression. Oil rallied as Saudi Arabia cut exports.

The S&P 500 Index ended an up-and-down session higher by three points, while the Dow Jones Industrial Average eked out a gain and the Nasdaq indexes climbed. Banks rallied, and energy producers surged after a report that Saudi Arabia lowered oil exports fueled a surge in the price of crude. Stocks with high dividend yields fell the most as the 10-year Treasury yield tumbled. Equities started the day lower on poor sentiment sparked by a weak reading on Chinese manufacturing, which added to concern that global growth is slowing.