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Feb. 18 (Bloomberg) -- U.S. equities and commodities advanced as U.S. economic and earnings reports boosted optimism that the recovery from the recession will be sustained. Treasury 10-year notes fell, sending the yield curve to a record. The Standard & Poor’s 500 Index<http://www.bloomberg.com/apps/quote?ticker=SPXL1%3AIND>rose 0.7 percent at 3:02 p.m. in New York. Canadian stocks rose for a seventh straight day, the longest rally in 11 months. The gap in yields<http://www.bloomberg.com/apps/quote?ticker=.USYIELD%3AIND>between 2- and 10-year Treasuries increased to a record 2.93 percentage points. Oil and copper jumped more than 2 percent, pushing the S&P GSCI Index <http://www.bloomberg.com/apps/quote?ticker=SPGSCI%3AIND> of commodities up 1.2 percent. Hewlett-Packard Co. rose after boosting its sales forecast and predicting a revival in business spending, while Procter & Gamble Co. erased losses after saying the company has returned to growth. The U.S. index of leading indicators rose in January for a 10th straight month and the Federal Reserve Bank of Philadelphia’s general economic index showed manufacturing in that region expanded for a sixth straight month as orders surged to the highest level in more than five years. “The market is helped by the improved earnings forecast from a bellwether like HP and rallying commodities,” said Noman Ali<http://search.bloomberg.com/search?q=Noman%0AAli&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1>, part of a group that manages $3 billion of U.S. equities at MFC Global Investment Management Inc. in Toronto. “There’s still an expectation that emerging market demand will be strong despite the weakness in Europe.” The S&P 500 extended its three-day advance to 2.8 percent, trimming its decline from a 15-month high on Jan. 19 to less than 4 percent. Gains in U.S. equities were limited earlier after Wal-Mart Stores Inc. reported sales that trailed projections and jobless claims unexpectedly increased. Earnings Season More than 350 companies in the S&P 500<http://www.bloomberg.com/apps/quote?ticker=SPX%3AIND>have reported fourth-quarter earnings since Jan. 11, and about three-quarters have beaten analysts’ estimates on a per-share basis, according to data compiled by Bloomberg. Canada’s S&P/TSX Composite Index increased 0.5 percent as three of the country’s four largest gold producers topped earnings estimates. Barrick Gold Corp., the world’s biggest producer of the metal, rallied after announcing it will spin off its African operations. European stocks advanced for a fourth day as ABB Ltd. reported better-than-estimated earnings and Swiss Reinsurance Co. lifted its dividend. The Dow Jones Stoxx 600 Index climbed 0.6 percent. Greek bonds retreated this week as EU regulators ordered the country to disclose details of currency swaps after an inquiry uncovered a series of agreements with banks that it may have used to conceal its debts. The 10-year Greek bond yield jumped 17 basis points to 6.54 percent today. Greek ‘Scandal’ German Chancellor Angela Merkel<http://search.bloomberg.com/search?q=Angela+Merkel&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1>slammed the “scandal” of banks helping Greece massage its deficit, saying the nation “falsified its statistics for years.” EU regulators ordered the country to disclose details of currency swaps after an inquiry uncovered a series of agreements with banks that it may have used to conceal its debts. Horst Seehofer<http://search.bloomberg.com/search?q=Horst+Seehofer&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1>, a leader in Merkel’s coalition, said yesterday “not a single euro” should go to Greece. “The EU wants to show it is behind the peripherals without having to put its money where its mouth is,” wrote Jim Reid<http://search.bloomberg.com/search?q=Jim+Reid&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1>, a strategist at Deutsche Bank AG in London, in a research note. “Either the EU has to give more detail, or the risk is that the market forces it out.” Spain, Portugal and Ireland are struggling to reduce record deficits along with Greece. British Deficit The pound retreated and gilt yields climbed after the U.K. posted its first January budget deficit since records began in 1993. Government spending exceeded revenue by 4.3 billion pounds ($6.7 billion), almost double the gap predicted by economists in a Bloomberg News survey. The pound weakened 0.3 percent to $1.5627, while the 10-year gilt yield increased by seven basis points to 4.09 percent. The MSCI Emerging Markets Index<http://www.bloomberg.com/apps/quote?ticker=MXEF%3AIND>was little changed following three straight gains. Brazil’s Bovespa index increased 0.6 percent as Vale SA and Petroleo Brasileiro SA gained on higher commodity prices. Brazil’s real rallied 1.1 percent against the dollar for the top gain among emerging-market currencies. The MSCI Asia Pacific Index<http://www.bloomberg.com/apps/quote?ticker=MXAP%3AIND>fell 0.4 percent. Qantas Airways Ltd., Australia’s biggest airline, plunged 8.1 percent in Sydney after profit dropped. Aluminum Corp. of China Ltd., the nation’s biggest producer of the metal, sank 2.8 percent in Hong Kong. The Dollar Index was little changed after earlier rallying as much as 0.4 percent. Copper for delivery in three months rose 2.1 percent to $3.327 a pound in New York. Crude oil for March delivery increased 2.2 percent to $79.06 a barrel. To contact the reporters on this story: Nikolaj Gammeltoft<http://search.bloomberg.com/search?q=Nikolaj+Gammeltoft&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1>in New York at ngammelt...@bloomberg.net; Michael Patterson<http://search.bloomberg.com/search?q=Michael+Patterson&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1>in London at mpatterso...@bloomberg.net. *Last Updated: February 18, 2010 15:03 EST*
