U.S. Stocks Rise as GDP Report Fuels Fed Stimulus Bets

bloomberg (27/6)--U.S. stocks rose, sending the Standard & Poor’s 500 Index (SPX) higher for a second day, as China’s cash crunch eased and slower-than-forecast economic growth fueled speculation the Federal Reserve will maintain stimulus. Citigroup Inc. and Bank of America Corp. advanced at least 0.5 percent to lead financial stocks higher. Boeing Co. and UnitedHealth Group Inc. jumped more than 1.9 percent to lead gains in the the Dow Jones Industrial Average. Barrick Gold Corp. and Newmont Mining Corp. fell more than 4.9 percent, leading a selloff in precious-metal producers as gold and silver slumped to 34-month lows. The S&P 500 increased 0.8 percent to 1,599.94 at 12:16 p.m. in New York, after the equity benchmark rebounded yesterday from a nine-week low. The Dow climbed 107.13 points, or 0.7 percent, to 14,867.44 today. Trading of S&P 500 companies was 5.6 percent below the 30-day average at this time of day.

Written by: Kontak Perkasa Futures

PT.Kontak Perkasa Futures, Updated at: 9:04 AM