U.S. stocks rose, following the Standard & Poor’s 500 Index’s first weekly gain since Aug. 2, as investors speculated whether a report showing durable-goods orders fell in July would delay stimulus cuts.
The S&P 500 rose 0.1% to 1,665.67 at 1:49 p.m. in New York. The Dow Jones Industrial Average added 14.98 points, or 0.1%, to 15,025.49.
The market added despite weak US data. The bookings for goods meant to last at least three years decreased 7.3%, the most since August 2012, after a 3.9%gain in June, the Commerce Department said today in Washington. The median forecast of economists called for a 4% drop. Orders waned for aircraft and capital goods such as computers and electrical equipment.
Stocks rebounded last week after a report showing a plunge in home sales eased concern that the Federal Reserve would curb stimulus efforts next month.
Seven of 10 major groups in the S&P 500 rose today. Shares in raw-materials producers and health-care companies gained 0.5 percent to pace advances.
Amgen Inc. (AMGN) jumped 7.9% after agreeing to buy cancer-treatment developer Onyx Pharmaceuticals Inc. (ONXX) in a $10.4 billion transaction.
Facebook Inc. (FB) advanced 2.1% as the world’s largest social network’s market value exceeded $100 billion.
Tyson Foods Inc. (TSN), the largest U.S. meat processor, fell 6.2% after Bank of America Corp. analysts cut their rating on the stock.
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