U.S. stocks rose overnight, extending all-time highs for benchmark indexes, as small-cap shares rallied amid growing confidence in the global economy.
Best Buy Co. jumped 2.3 percent before the start of the holiday shopping season. Urban Outfitters Inc. advanced 5.4 percent, the most in the Standard & Poor’s 500 Index. Verizon Communications Inc. tumbled 1.4 percent after Citigroup Inc. lowered its rating on the stock. AT&T Inc. slid 1.6 percent.
The Standard & Poor’s 500 Index rose 0.3 percent to a record 2,069.41. The Russell 2000 Index of smaller companies surged 1.2 percent to the highest level since July. The Dow Jones added 7.84 points, or less than 0.1 percent, to 17,817.9, weighed down by Verizon and AT&T.
In Germany, the Ifo institute’s business climate index rose to 104.7 in November from 103.2 in October. Economists had predicted a decline in the gauge that is based on a survey of 7,000 executives.
Preliminary data from Markit Economics showed the U.S. services industries expanded at a slower pace this month.
Reports tomorrow may show the world’s largest economy grew at a slower rate in the third quarter than first estimated, while consumer confidence probably climbed in November to a seven-year high.
Gold futures declined on signals that U.S. inflation concerns eased, while the dollar extended a rally to the highest in more than five years, eroding demand for the precious metal as a store of value.
Gold futures for February delivery dropped 0.2 percent to settle at $1,196.60 an ounce.
Brent and West Texas Intermediate declined for the first time in three days as investors weighed the odds of a production cut from OPEC this week.
WTI for January delivery fell 73 cents, or 1 percent, to $75.78 barrel on the New York Mercantile Exchange. Volume was about 44 percent below the 100-day average.
The yen dropped to almost a seven- year low versus the dollar as central banks worldwide add to monetary stimulus, damping demand for low-yielding haven assets such as Japan’s.
The pound rose, approaching a six- year high against the yen, on speculation it will be supported by relatively higher interest rates even as the Bank of England delays increasing U.K. borrowing costs.