Bloomberg News

U.S. Stocks Resume Gains as Economic Indicators Beat Forecasts

November 18, 2011

Nov. 18 (Bloomberg) -- U.S. stocks gained after an index of economic indicators exceeded estimates, resuming an early rally that faded amid concern Germany was considering allowing “orderly defaults” among European nations.

The Standard & Poor’s 500 Index rose 0.3 percent to 1,219.78 at 10:13 a.m. in New York after climbing as much as 0.4 percent and slipping 0.1 percent.

The Conference Board’s gauge of the outlook for the next three to six months rose 0.9 percent, the biggest jump since February, after a 0.1 percent September increase, the New York- based research group said today. The median forecast of 56 economists surveyed by Bloomberg News projected the gauge would advance 0.6 percent.

Stocks erased gains earlier as Germany’s Foreign Ministry on Friday confirmed the nation was considering the possibility of more “orderly defaults” beyond Greece, according to the Deutsche Presse-Agentur.

--Editor: Nick Baker

To contact the reporter on this story: Michael P. Regan in New York at mregan12@bloomberg.net

To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net


Tim Cook's Reboot
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus