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Bloomberg
US stocks advanced after the largest American housing company’s earnings topped estimates in a sign the tighter labor market is boosting consumers. The dollar slipped, sending a gauge of commodities to a seven-month high.
An S&P measure of housing stocks surged more than 3 percent after D.R. Horton Inc.’s results, helping the S&P 500 Index to a gain of 0.2 percent. Disappointing results from Johnson & Johnson and 3M Co. stemmed gains in the Dow Jones Industrial Average. The Bloomberg Dollar Spot Index headed for its longest slump since November. The yield on 10-year Treasury notes rose to 2.42 percent. Aluminum headed for a 20-month high.
Politics continued to sway financial markets as a UK court ruled parliament must vote on any Brexit plan and Donald Trump sought to cajole US automakers to build plants in America. Investors also turned to a slate of corporate earnings that have so far failed to provide a clear signal on the health of the U.S. economy at the end of 2016. The first reading on last quarter’s output is due Friday.
The S&P 500 Index rose 0.2 percent to 2,269.68 at 10:34 a.m. in New York. DuPont Co. rose 2.7 percent after its results topped estimates and the company said it would delay its expected closing of a merger with Dow Chemical Co. D.R. Horton and Lennar Corp. jumped more than 5 percent to lead homebuilders higher. JNJ and Verizon Communications Inc. slumped more than 2 percent to lead losses in the Dow. The yield on the 10-year Treasury rose four basis points to 2.43 percent as of 10:16 a.m. in New York. The Bloomberg Dollar Spot Index fell 0.1 percent. The greenback has fallen for four straight weeks, the longest retreat since February. The Bloomberg Commodity Index climbed for a third day, heading to the highest close since July 1.