Euro Strengthens to Three-Week High as Oil Advances |
| Bloomberg - Nov 23, 2012 |
The euro rose to a three-week high and commodities climbed after German business confidence unexpectedly rose. Technology stocks led U.S. shares higher, sending the Standard & Poor’s 500 Index (SPX) to its biggest weekly rally since June, as the holiday shopping season got under way.
The euro advanced 0.7 percent to $1.2976 as of 3:26 p.m. in New York and reached the highest level since Nov. 1. The S&P 500 added 1.3 percent to 1,409.15. The U.S. stock market shut at 1 p.m. today and was closed yesterday for Thanksgiving. The S&P GSCI gauge of 24 raw materials increased 0.6 percent. Oil gained 90 cents to $88.28 a barrel in New York and gold topped $1,750 a ounce. Brazil’s Bovespa gauge rallied 2 percent.
The Munich-based Ifo institute said its business climate index climbed to 101.4 this month, compared with an estimated reading of 99.5 based on the median of 48 forecasts in a Bloomberg survey. Stocks have rallied this week as data from the U.S. and China added to signs the world’s two largest economies are recovering. Euro-area finance ministers will meet Nov. 26 to discuss aid to Greece after leaders failed to agree the bloc’s next seven-year budget at a summit in Brussels.
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- Posted: 2012-11-23 15:43:20
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