Bloomberg
April 14, 2011
U.S. stocks rose, erasing an early slump, as the House approved a spending bill to avert a government shutdown. Greek and Portuguese bond yields surged to records amid concern over possible debt restructurings. Gold and silver advanced, while the dollar weakened and oil rallied.
The Standard & Poor’s 500 Index rose less than 0.1 percent to 1,314.52 at 4 p.m. in New York, erasing a slide of as much as 0.9 percent. Portugal’s five-year yields climbed as high as 10.49 percent, while the Greek 10-year yield topped 13 percent for the first time since at least 1998. The dollar weakened against 14 of 16 major peers, while oil advanced to 0.9 percent.
Stocks reversed losses as the federal budget fight neared a close with the House’s approval of legislation to cut $38.5 billion in spending. The Senate planned to pass the measure later today. Losses in Greek bonds came after German Finance Minister Wolfgang Schaeuble told Die Welt newspaper Greece may need to renegotiate its debt, an event that Moritz Kraemer, head of S&P’s European evaluation team, said may result in a 50 percent to 70 percent “haircut” on the securities’ values.
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