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U.S. stocks advanced, rebounding from yesterday’s global selloff in equities, as optimism about housing data tempered concern about Europe’s debt crisis.
Equities rose as residential real estate prices fell in April at the slowest pace in more than a year, adding to signs the U.S. housing market is firming. Confidence among U.S. consumers dropped in June for a fourth consecutive month.
Concern about the euro zone’s debt crisis grew ahead of a European Unit summit on June 28. Spanish and Italian bonds fell as borrowing costs increased at debt sales. German Chancellor Angela Merkel said Europe won’t have shared total liability for debt as long as she lives, according to Reuters, which cited people at a meeting of German coalition parties.
News Corp. rallied 6.1 percent to $21.31. Murdoch, the chairman and CEO, is overseeing internal discussions on whether to separate the company’s publishing business from its entertainment holdings, said two people with knowledge of the matter, who asked not to be identified because a decision isn’t final. In a statement today, News Corp. didn’t say how the company would be divided.
Apollo advanced 8 percent to $35.07 for the largest gain in the Bloomberg U.S. For-Profit Education Index. The company, confronting student reluctance to take on debt amid high unemployment and government investigations of for-profit colleges’ marketing practices, reined in costs during the quarter, said Peter Appert, an analyst at Piper Jaffray & Co.
Dow Chemical Co. slid 1.3 percent to $31.84. The largest U.S. chemical company by revenue was downgraded to neutral from overweight at JPMorgan by equity analyst Jeffrey Zekauskas. The 18-month share-price estimate is $36.
JPMorgan Chase & Co. (JPM) had its recommendation raised and Morgan Stanley (MS) was lowered by analysts at Goldman Sachs Group Inc. who said they have a better view of the near-term earnings outlook for JPMorgan. Shares of JPMorgan increased 1.6 percent to $35.89, while Morgan Stanley added 1 percent to $13.62.
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