Yum! Brands Inc. rallied 1.6% today after the owner of the KFC restaurant chain said first-quarter same-store sales fell less than estimated as its reputation rebounded from a probe of a former chicken supplier.
More than $10 trillion has been restored to U.S. equity values during the four-year bull market as the S&P 500 more than doubled from the bottom in 2009, fueled by corporate earnings that topped estimates and monetary stimulus from the Federal Reserve. The Dow recouped all its losses from the financial crisis in less than 65 months, more than a year faster than the recovery from the Internet bubble.
“After setting new all-time highs for several consecutive days, the market may be a little tired, and rightly so,” Ryan Larson, the Chicago-based head of U.S. equity trading at RBC Global Asset Management (U.S.) Inc., said in an interview. His firm oversees $250 billion. “Global news flow is relatively light again today, and with little in the way of catalysts, it would not be surprising to see the streak end. That being said, as long as central bank accommodation remains, any pullback should be short-term in nature.”
In Europe, SBM Offshore NV surged 21% after the world’s biggest supplier of floating oil production platforms agreed to pay $470 million to settle a dispute with Talisman Energy Inc. Antofagasta Plc advanced 3.1% as the copper producer controlled by Chile’s Luksic family increased its dividend.
British Land Co., the U.K.’s second-largest real estate investment trust, fell 4.4% on plans to raise about 500 million pounds in a share sale to spend on acquisitions and development.