U.S. Stocks Rebound From Two-Week Loss on Merger Speculation
U.S. stocks rose on speculation takeovers will continue to accelerate and after two straight weekly losses left the Standard & Poor’s 500 Index trading at its cheapest compared with earnings prospects in six weeks.
Oil futures up on declining dollar, higher stocks
Crude oil for October delivery added 15 cents, or 0.2%, to $73.97 a barrel on the New York Mercantile Exchange.
A losing dollar was also doing its part to support oil prices, which have closed lower for eight of the past nine sessions. The dollar index /quotes/comstock/11j!i:dxy0 (DXY 82.97, -0.09, -0.11%) , which compares the U.S. unit to a basket of six currencies, traded 0.1% lower at 82.99.
Copper Fluctuates in New York on Dollar Movement and U.S. Rebound Concern
Copper fluctuated in New York and London as the dollar swung between gains and losses and investors looked ahead to figures due this week that may signal a weakening U.S. economic rebound.
The U.S. Dollar Index, a six-currency gauge of the greenback’s strength, erased a drop of as much as 0.3 percent before slipping again. Reports this week may show that sales dropped for existing homes in the U.S. and were unchanged for new dwellings. The country is the world’s second-largest consumer of copper after China.