U.S. Stocks Rise as Economic Reports Outweigh Greece Concerns
2012-02-16 15:08:12.218 GMT
By Rita Nazareth
Feb. 16 (Bloomberg) -- U.S. stocks advanced, following a two-day decline in the Standard & Poor’s 500 Index, as better- than-estimated housing, manufacturing and jobless claims data outweighed concern about a Greek debt default.
The S&P 500 rose 0.3 percent to 1,346.74 at 10:06 a.m. New York time. The Dow Jones Industrial Average added 56.76 points, or 0.4 percent, to 12,837.71 today.
Global stocks fell as Europe’s creditor countries struggled to bridge divisions over a rescue of Greece yesterday, delaying a decision on 130 billion euros ($170 billion) of aid until Feb.
20. Ratings for global banks may be cut as global lenders face risks of rising funding costs amid Europe’s woes, Moody’s said.
Equity futures pared losses after a report showing that builders broke ground on more homes than forecast in January, helped by warmer weather and adding to signs the U.S.
residential real estate market is stabilizing. Claims for jobless benefits dropped last week to the lowest level in four years, showing the U.S. job market is on the mend. The Federal Reserve Bank of Philadelphia’s general economic index increased to 10.2 in February from 7.3 last month.
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