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Business Title: US Stocks Rise as Inventories Point to Strengthening Economy By Whitney Kisling April 9 (Bloomberg) -- U.S. stocks rose and the Standard & Poor’s 500 Index headed for a sixth weekly gain as growth in wholesale inventories added to signs the economy is strengthening and speculation of a Greece bailout grew. Benchmark indexes pared gains after Fitch Ratings cut Greece’s credit rating. Exxon Mobil Corp., the largest energy producer, advanced as much as 1.3 percent to lead energy producers to the top gain among 10 groups. Dish Network Corp. advanced 4.4 percent after UBS AG called it a “turnaround story” and upgraded the shares. The S&P 500 gained 0.3 percent to 1,189.94 at 10:45 a.m. in New York, paring an earlier gain of as much as 0.4 percent. The Dow Jones Industrial Average increased 0.3 percent to 10,964.48. U.S. stocks rose yesterday as retailers rallied on faster- than-estimated sales growth, helping the market recover from an early slump triggered by concern over Greece’s debt crisis. The S&P 500 has climbed 6.6 percent this year. While European leaders agreed last month on an aid mechanism for Greece, the lack of detail and the speed at which the situation is deteriorating mean the nation may need to seek emergency aid from the International Monetary Fund within days, UBS economists said. ‘Situation Is Untenable’ “The recent market action means that an external intervention may be unavoidable and could happen very soon as the situation is untenable,” UBS economists including Stephane Deo wrote in a note to investors late yesterday. “We think an intervention over the weekend is a distinct possibility.” A Commerce Department report showed inventories at wholesalers rose in February for the first time in three months, a sign companies are ramping up orders as sales climbed. Inventories increased 0.6 percent, more than the 0.4 percent median forecast of 35 economists in a Bloomberg survey. “Look at the cyclically strong economic growth we’re seeing, there’s no question about that, in terms of economic statistics, retail sales, earnings,” said Walter Todd, who helps manage $800 million in assets at Greenwood Capital Associates in South Carolina. “Everything is looking for a continued recovery in the economy.” Energy companies contributed the most to gain in the S&P 500 among 10 industry groups. The gauge has had the best start to the second quarter, climbing 3.7 percent, followed by financial stocks with a 3.5 percent advance. Barrick Gold Gains Barrick Gold Corp., the world’s biggest producer of the precious metal, increased 0.8 percent to $41.27. Gold rose for a fifth straight day, the longest winning streak in more than a month. Citigroup Inc. advanced 1.7 percent to $4.54. Goldman Sachs Group Inc., the most profitable firm in Wall Street history, rose 0.5 percent to $180.47. DISH, the second-largest satellite TV provider, rallied 4.4 percent to $21.95 after UBS boosted its rating to “buy” from “neutral,” citing competitive and economic improvements. J.C. Penney Co. was added to the Goldman Sachs “conviction buy list” and had its shares raised to “buy” from “neutral.” The stock advanced 2.1 percent to $31.63. Intel Corp. gained 0.7 percent after Canaccord Adams Ltd. said the chipmaker probably saw better-than-expected demand for notebooks last quarter and raised its share-price estimate to $27 from $25. Cummins Inc. rose 1.8 percent to $66.20 as UBS upgraded its recommendation on North America’s largest maker of heavy-duty diesel truck engines to “buy” from “neutral.” --With assistance from Julie Cruz in Frankfurt. Editor: Michael P. Regan
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#1. To: Brian S (#0)
I hope so.
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