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March 10 (Bloomberg) -- U.S. stocks rose as a drop in wholesale
inventories and improvement in the corporate bond market added to
signs the economy is strengthening, overshadowing concern China will
raise interest rates.
Citigroup
Inc. advanced 3.7 percent as the bank sold trust preferred
securities to raise capital. American
International Group Inc. rose as much as 14 percent amid
speculation asset sales will improve the insurer’s viability.
Boeing Co. and Bank of America Corp. gained at least 2.2 percent to
help the Dow Jones Industrial Average recover from an earlier slide
triggered by concern China may need to combat inflation.
About seven stocks advanced for every five that fell on the New
York Stock Exchange. The S&P 500 rose 0.6 percent to 1,146.74 at
2:18 p.m. in New York after rallying as much as 0.7 percent earlier
to come within 2 points of its 2010 high. The Dow increased 16.33
points, or 0.2 percent, to 10,580.71.
“The big question is -- where do we go from here?” said Peter
Jankovskis, who helps manage about $1.8 billion as co- chief
investment officer at Oakbrook Investments in Lisle, Illinois.
“We’ve had a very strong rally off the lows. There are certainly
expectations that things are getting better. The financial system
has stabilized. Yet we haven’t seen enough to say that is
sustainable. People are waiting for more evidence to go one way or
the other.”
U.S. stocks rose yesterday on the anniversary of the 2009
bear-market low for the S&P 500 amid speculation the economy
will continue to recover from the worst contraction since the Great
Depression. The S&P 500 has rallied 69 percent from a 12- year
low last March as the Federal Reserve kept its benchmark interest
rate near zero to stimulate economic growth.
Rates are flat on this news.
Stay Tuned as rates can move every day!
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