U.S. Stocks Snap 3-Day Drop on Earnings as Oil Climbs

By Stephen Kirkland and Whitney Kisling

January 28, 2014 at 9:35 PM UTC

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U.S. stocks rose, snapping a three-day decline in the Standard & Poor’s 500 Index, while oil drove an advance in commodities after data showed rising consumer confidence and higher-than-estimated corporate earnings. Spanish bonds increased and the yen weakened.

The S&P 500 climbed 0.6 percent to 1,792.50 by 4:30 p.m. in New York. The Stoxx Europe 600 Index added 0.7 percent and the MSCI Emerging Markets Index gained 0.3 percent, rallying from an almost five-month low. The yen retreated against all but one of its 16 major peers. Spain’s 10-year bond yield fell five basis points to 3.70 percent, while similar maturity U.S. Treasury yields were little changed at 2.75 percent. Cocoa futures reached a 28-month high, while oil jumped 1.8 percent.