U.S. Stocks Rise on Europe Auction Costs
(Bloomberg) U.S. stocks rose, sending the Standard & Poor’s 500 Index higher for a fourth day, as a drop in borrowing costs at debt auctions in Europe overshadowed disappointing data on American jobless claims and retail sales.
“There are significant cross currents,” Michael Mullaney, who helps manage $9.5 billion at Fiduciary Trust in Boston, said in a telephone interview. “Lower borrowing costs will help in the refinancing that’s due in the next few months in the euroland in general. Still, they’ve got to spur growth to get things going. In the U.S., today’s economic numbers were weaker than anticipated. The market has had a nice run here. Sentiment has gotten more bullish, which makes me nervous.”