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U.S. stocks rise as investors watch earnings, housing sales data

By Lu Wang and Katie Brennan, Bloomberg

July 22, 2013 • Reprints

U.S. stocks rose, as monthly flows into equity exchange-traded funds reached a five-year high, after housing data and earnings from companies including McDonald’s Corp. fueled speculation stimulus would continue.

Newmont Mining Corp. climbed 5.9%, leading gains among gold producers, as the metal’s price rose to a one-month high. McDonald’s slipped 2.5% after revenue missed forecasts. Yahoo Inc. dropped 3.9% after saying activist investor Daniel Loeb is leaving the board. Homebuilders fell, with D.R. Horton Inc. losing 2.1%, as sales of previously owned houses unexpectedly dropped in June, hurt by a lack of supply and rising mortgage rates.

The Standard & Poor’s 500 Index rose 0.2% to 1,695.60 at 3:08 p.m. in New York, extending a record. The Dow Jones Industrial Average slipped 2.4 points, or less than 0.1%, to 15,546.14. Trading in S&P 500 stocks was 15% below the 30-day average during this time of day.

“The earnings reflect a growing economy, but not a robust economy, not a runaway economy,” John Carey, a fund manager at Boston-based Pioneer Investment Management Inc., said by telephone. His firm oversees $211.5 billion. “There was concern that the economy may be doing a little better than the Fed was estimating and that might lead to an earlier tapering. Now with fairly modest economic growth and slow earnings growth, I don’t think people are going to be as worried about the tapering.”

Bull Market

The S&P 500 rallied 0.7% last week to a record, after better-than-forecast earnings and Federal Reserve Chairman Ben S. Bernanke said the central bank remains flexible about the duration of its asset-purchase program. Fed stimulus has helped fuel a surge in stocks worldwide, with the S&P 500 jumping as much as 151% from its March 2009 low.

Investors have increasingly turned to stocks this month, as U.S. equity exchange-traded funds are getting money at the fastest rate since September 2008. After adding $10.2 billion to ETFs last week, the July total stands at $29.7 billion, according to data compiled by Bloomberg. Mutual funds that invest in U.S. equities had $4.55 billion of inflows during the week through July 10, ending seven consecutive weeks of withdrawals.

Individuals have 69% of their assets in mutual funds, almost a percentage point more than the average since 1992 and four points more than in 2012, Goldman Sachs Group Inc. said in a note to clients. Investors are demonstrating the “strongest risk appetite in five years,” according to the note dated July 19.

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US Federal Reserve 8527bank 6455Bloomberg 5254metal 3075financials 2975S&P 500 2457stocks 2123Standard & Poor 2008equities 1689Morgan Stanley 934Goldman Sachs Group Inc. 864Stock indexes 843Ben S. Bernanke 751Ben S 613Bank of America Corp. 596gold producer 532Apple Inc. 326Barrick Gold Corp. 278National Association of Realtors 219gold miner 210Shinzo Abe 189Newmont Mining Corp. 187Facebook Inc. 154Amazon.com Inc. 100Lennar Corp. 61PulteGroup Inc. 59Carl Icahn 45D.R. Horton Inc. 42USA Today 41Daniel Loeb 25The KBW Bank 23Third Point LLC 14John Carey 13Pioneer Investment Management Inc. 9Yahoo Inc. 9Gannett Co. 7Piper Jaffray 7Hasbro Inc. 7DreamWorks Animation SKG Inc. 6GAM 2Arvin Soh 2Federal-Mogul Corp. 1James Marsh 1Michael Wolf 1Harry Wilson 1

Free Newsletter Modern Trader Follow

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