US stocks rose with the dollar amid data showing a jump in factory orders. European equities rebounded from the biggest weekly decline this year as euro-area manufacturing increased more than estimated.
The Standard & Poor’s 500 Index gained 0.4 per cent at 10.47am in New York, briefly topping its closing record. The Stoxx Europe 600 Index advanced 0.6 per cent. The euro slipped against all but two of its 16 major peers. The yield on 10-year German notes jumped three basis points from Thursday to 0.40 per cent. Brazil’s real slid 2 per cent. The Shanghai Composite Index advanced 0.9 per cent on stimulus speculation. Gold futures climbed 1.1 per cent.
Factory orders climbed 2.1 per cent in March for the biggest gain since July. Earnings from Comcast Corp. and Berkshire Hathaway Inc. beat estimates. The S&P500 rallied the most in more than a month Friday, while the dollar advanced to staunch slides that reversed some key trends in April Manufacturers in the euro area raised prices for the first time in eight months in April, adding to signs that the region’s economy is overcoming deflation fears.
“With nothing negative coming from overseas, you’re seeing a continuation of the positive price action from Friday afternoon,” Michael James, a Los Angeles-based managing director of equity trading at Wedbush Securities Inc., said by phone. “We still have a pretty heavy slate of earnings this entire week, with a number of high-profile companies reporting, that’ll probably be the focus for the next several days.”
