By Agency Reporter

United States stocks rose, with the Standard & Poor’s 500 Index extending its weekly rally, as forecasts at Oracle Corporation and Accenture Plc beat estimates. 

Bloomberg News reported on Friday that Portuguese bonds fell after S&P downgraded the country’s debt, while the Australian dollar touched a record as commodities rallied. 

The S&P 500 climbed by 0.5 per cent to 1,316.02 in New York. Technology shares in the MSCI All Country World Index advanced by 0.5 per cent as a group for the top gain among 10 industries. Portugal’s 10-year bond yield jumped to a euro-era record. Australia’s dollar climbed by as much as 0.8 per cent to $1.0294. The Swiss franc fell versus all 16 most-traded peers and the euro weakened versus 13. 

Ten-year Treasury yields climbed by three basis points to 3.44 per cent. 

The S&P 500 has rebounded by almost by five per cent from its 2011 low last week as concern eased that the global economy would be hurt by Japan’s worst earthquake on record and uprisings in the Middle East and northern Africa. 

The benchmark measure of US stock options headed for its biggest seven-day drop on record as demand for protection against further declines subsided. 

“Despite the global macro uncertainties, company fundamentals are leading investors to bid the market higher,” the Chief Investment Officer at First Citizens Bancshares Incorporated, Mr. Eric Teal, said.

Oracle’s forecast “is a good signal for the technology sector, and so we think there will be ongoing strength in earnings for those companies.” 

The S&P 500 advanced for the third day and extended its weekly gain to almost three per cent. The Chicago Board Options Exchange Volatility Index, also known as the VIX, has tumbled by 41 per cent since March 16. 

Stock also gained today after the Commerce Department said that the economy grew by 3.1 per cent in the fourth quarter. The revised increase in Gross Domestic Product compares with a 2.8 per cent estimate issued last month, the figures showed.

 

Source: Punch