US stocks gained, with the Standard & Poor’s 500 Index rebounding from an eight-week low, as energy shares rallied and investors watched developments on Syria.
The S&P 500 rose 0.3% to 1,634.96 at 4 p.m. in New York. The index closed just short of its average level for the past 100 days of 1,638.27, after slipping below it yesterday for the first time since June. The Dow Jones Industrial Average advanced 48.38 points, or 0.3%, to 14,824.51.
“We’re simply just seeing a little bit of bounce back from what was very bad action yesterday,” Walter Todd, who oversees about $950 million as chief investment officer of Greenwood Capital Associates LLC in Greenwood, South Carolina, said by phone for Bloomberg. “There are probably starting to be opportunities that are being created in certain segments of the market as a result of this sell-off, and investors are wisely looking to see if they can take advantage of some of those.”
Data yesterday showed fewer Americans signed contracts in July to buy previously owned homes. The index of pending home sales dropped 1.3%, the most this year, after a 0.4% decrease in June, according to figures from the National Association of Realtors. Economists forecast no change in the benchmark from the month before, according to a median estimate in a Bloomberg survey.
In corporate news, Avago Technologies Ltd. added 4.7% to $38.28. The supplier of components for wireless communications reported third-quarter revenue of $664 million, exceeding the $617.25 million average forecast of analysts surveyed by Bloomberg.
Zale Corp. rose 30% to $11.63, the highest level since 2008. The jewelery retailer reported fourth-quarter revenue that beat analyst estimates as same-store sales jumped 5.6%.
Express Inc. gained 6.6% to $21.10. The specialty retailer said same-store sales rose 6% in the second quarter, beating analysts’ estimates, and raised its profit forecast.
Joy Global lost 4.7% to $48.89. The mining equipment producer’s CEO, Mike Sutherlin, said the market “has become even more challenging,” as customers’ declining cash flows are resulting in “significantly” reduced capital expenditures. Caterpillar Inc. slid 0.3% to $82.45.
Taser International Inc.slid 5.9% to $11.15, after rising 38% in the past 11 trading days. The maker of stun guns declined after JP Morgan analysts downgraded the shares to neutral from overweight.
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