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U.S. stocks advanced
U.S. stocks advanced, sending the Standard & Poor’s 500 Index higher for a fourth straight day, after China cut interest rates for
the first time since 2008 to bolster growth in the world’s second-largest economy.
Equities pared their rally as Federal Reserve Chairman Ben S. Bernanke said the central bank will assess the economy before deciding if more stimulus is needed.
Equities rallied as China’s move fanned optimism about global policy action. Stocks pared gains as Bernanke said that further rounds of stimulus could boost the economy, yet may have “diminishing returns.” He said the economy is at risk from Europe’s crisis and the prospect of fiscal tightening.
Nine out of 10 groups in the S&P 500 advanced as industrial and commodity shares had the biggest gains. Caterpillar (САТ), the world’s largest maker of construction equipment, added 2 percent to $88.42. Home Depot (HD) increased 1.7 percent to $51.44.
Pall Corp. retreated 4.7 percent to $52.08. The maker of filtration and separation products posted third-quarter earnings that lagged behind analysts’ estimates.
Lululemon Athletica Inc. dropped 9.7 percent to $63.26. The Vancouver-based yoga-wear retailer projected full-year earnings and sales that trailed analysts’ estimates.
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