Bloomberg News

U.S. Stocks Gain for Fourth Straight Day, Reversing Earlier Drop

September 28, 2011

Sept. 28 (Bloomberg) -- U.S. stocks rose for a fourth day after demand for capital goods increased and investors watched progress in Europe’s efforts to tame its government debt crisis.

The Standard & Poor’s 500 Index climbed 0.4 percent to 1,179.74 at 11:55 a.m. in New York, reversing an earlier drop of 0.5 percent.

Bookings for goods like computers and communications gear, excluding military hardware and aircraft, climbed 1.1 percent in August and total demand for durable goods fell less than forecast.

The European Commission is resisting a push to impose bigger writedowns on banks’ holdings of Greek government debt than those agreed at a July 21 summit, a European official said. Germany and the Netherlands are leading a drive by as many as seven countries for more private-sector involvement in the second Greek package, the Financial Times reported.

To contact the editor responsible for this story: Michael P. Regan at mregan12@bloomberg.net


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