U.S. stocks advance with commodities while dollar index retreats

Sohn Conference

Stanley Druckenmiller, the billionaire who shut down his hedge fund in 2010 after averaging annual returns of 30% since 1986, said financial markets will continue their rally for now. He also said investors should bet against the Australian dollar in a presentation at the Sohn Investment Conference in New York. The Aussie dollar slipped for a third day after the remarks, weakening 0.2% to $1.0167.

U.S. stocks could end the year up 25% to 30%, according to Michael Novogratz, head of liquid markets at Fortress Investment Group LLC.

“There is nothing on the horizon that gets me scared,” he said in an interview today with Erik Schatzker on Bloomberg Television.“Things are healing in the U.S.”

Yen Prediction

Novogratz said he expects the Japanese yen to continue to weaken against the dollar, adding that it could reach 120 per dollar by the end of the year. The yen, which was trading at 98.88 today in New York, has weakened more than 20% against the U.S. currency in the past six months amid expectations of expanded monetary easing by the Bank of Japan.

About three shares advanced for every one that fell in the Stoxx 600. ING Groep NV, the biggest Dutch financial-services company, added 3.1% and Deutsche Telekom AG, Germany’s largest phone company, climbed 4.7%. Standard Chartered Plc slid 4.4% after the bank said operating profit in the first quarter declined “slightly.”

The MSCI Emerging Markets Index gained for a fourth day, adding 0.8% to an almost two-month high. Benchmark gauges in Taiwan, Turkey and South Africa climbed more than 1%.

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