Economics
U.S. Stocks Gain, Treasuries Drop on Global Factory Data
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U.S. stocks rose as better-than-forecast growth in American manufacturing and Facebook Inc.’s $19 billion WhatsApp Inc. deal overshadowed concern over the global economic outlook. Treasuries fell and shares in European emerging markets dropped while natural gas slipped.
The Standard & Poor’s 500 Index added 0.6 percent to 1,839.78 in New York, within nine points of a record close. Yields on 10-year Treasuries gained one basis point by 4:32 p.m. to 2.75 percent as an auction of inflation-indexed bonds attracted the weakest demand in a dozen years. The MSCI EM Europe Index declined 0.4 percent amid ongoing clashes in Ukraine. Coffee and natural gas lost at least 1.4 percent while cocoa and corn rallied. The Brazilian real strengthened.