U.S. equities rose a third day as Microsoft Corp. (MSFT)’s plan to buy back $40 billion in stock fueled optimism that more companies will return cash to shareholders, while Treasuries climbed before a Federal Reserve decision tomorrow. European and Asian shares retreated and oil fell.
The Standard & Poor’s 500 Index added 0.4 percent to 1,704.76 at 4 p.m. in New York, within five points of its Aug. 2 record. The Shanghai Composite Index slid 2.1 percent, the most in two months, as foreign direct investment in China trailed estimates. Ten-year Treasuries rose for a fifth straight day, the longest rally in almost a year. The euro strengthened after German investor confidence increased. The S&P GSCI gauge of 24 commodities declined 1.2 percent as oil lost more than 1 percent and coffee sank to a four-year low.
Hong Kuang Commodities: U.S. Stocks Gain While Oil Retreats