S&P 500 Retreats From Record Amid Iran Nuclear Deal

The Standard & Poor’s 500 Index (SPX) fell, after seven consecutive weekly gains that lifted the gauge to a record, as energy shares retreated following Iran’s agreement to limit its nuclear program.

Schlumberger Ltd. and Noble Corp. declined more than 3.2 percent as crude oil slipped. An index of airlines reached an almost seven-year high amid optimism fuel costs may drop. Alcoa Inc. (AA) climbed 3.8 percent and Caterpillar Inc. rose 1.8 percent after analysts recommended buying the shares.

The S&P 500 dropped 0.1 percent to 1,802.48 at 4 p.m. in New York, erasing earlier gains of as much as 0.2 percent. The Dow Jones Industrial Average added 7.77 points, or 0.1 percent, to an all-time high of 16,072.54. The Nasdaq Composite Index rose 0.1 percent to 3,994.57, after briefly surpassing 4,000 for the first time since September 2000. About 5.6 billion shares changed hands on U.S. exchanges, about 7.8 percent below the three-month average.

 (Source: Bloomberg)

Asian Stocks Advance After U.S. Economic Data Improve

Asian stocks rose, with the regional benchmark equities gauge set to rebound from last week’s drop, as improving U.S. economic data boosted investor optimism for earnings growth in the region.

Nikon Corp.  advanced 1.9 percent as the yen touched the weakest level in more than four months against the dollar, boosting the earnings outlook for Japanese exporters. Warrnambool Cheese & Butter Factory Co. climbed 2.4 percent in Sydney after Saputo Inc. raised its offer for the company. Beadell Resources Ltd. slumped 6.9 percent, leading Australian gold miners lower as the price of the precious metal retreated after Iran agreed to limit its nuclear program in exchange for as much as $7 billion of relief from economic sanctions.

The MSCI Asia Pacific Index gained 0.5 percent to 141.93 as of 9:37 a.m. in Hong Kong, with all 10 industry groups on the gauge rising. The measure slid 0.2 percent last week for the fourth such loss in five weeks. Still, the index climbed 9.2 percent this year through Nov. 22 as investors bet the Federal Reserve won’t taper its monthly bond buying before 2014.

(Source: Bloomberg)

Asian Stocks Rise First Time in Four Days as Yen Weakens

Asian stocks rose, with the benchmark regional index climbing for the first time in four days, as the yen weakened against the dollar, boosting the earnings outlook for Japanese exporters.

Toyota Motor Corp. , Asia’s largest carmaker, advanced 1.1 percent in Tokyo. SoftBank Corp. gained 3.8 percent after a person familiar with the matter said Daniel Loeb’s Third Point LLC hedge fund has taken a stake of more than $1 billion in the Japanese wireless carrier. Doosan Infracore Co. (042670) dropped 4.1 percent in Seoul after the construction-machinery maker said it will sell $400 million worth of global depositary receipts.

The MSCI Asia Pacific Index gained 0.4 percent to 141.50 as of 9:27 a.m. in Tokyo, with seven of the 10 industry groups on the gauge climbing. The measure climbed 9 percent this year through yesterday as investors bet the Federal Reserve will continue monthly bond buying into 2014. It is little changed this week.

The MSCI Asia Pacific Index yesterday traded at 13.8 times estimated earnings, compared with 16.2 on the S&P 500 and 15.1 for the Stoxx Europe 600 Index, according to data compiled by Bloomberg.

(Source: Bloomberg)