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8B Daily News – Wednesday, June 26, 2013 US stocks rebound from nine-week low Bloomberg News NEW YORK - U.S. stocks rose, as the Standard & Poor's 500 Index rebounded from a nineweek low, after data showed durable-good orders and home sales increased more than forecast and consumer confidence climbed. PulteGroup rallied 3.9 percent as an index of homebuilders jumped 1.1 percent. JPMorgan Chase and Bank of America gained at least 2.3 percent as financial companies advanced. Walgreen sank 5.9 percent after posting quarterly profit that missed estimates. Netflix slid 1.3 percent after Sanford C. Bernstein & Co. cut its rating on the company to underperform. The S&P 500 climbed 1 percent to 1,588.03 in New York. The Dow Jones Industrial Average rose 100.75 points, or 0.7 percent, to 14,760.31 on Tuesday. "People are still digesting the news from the Fed, making mental adjustments for different levels of interest rates and what those might imply for securities' prices over the next several quarters," John Carey, a fund manager at Bostonbased Pioneer Investment Management, said by telephone. His firm oversees Wall Street about $208 billion. "I'm encouraged the market has stabilized a little here." U.S. equities climbed Tuesday as the Conference Board's index of U.S. consumer confidence increased to 81.4 in June from 74.3 a month earlier. Another report showed bookings for U.S. goods meant to last at least three years climbed 3.6 percent for a second month, topping economist forecasts. Separate data showed sales of new U.S. homes climbed more than forecast in May to the highest level in almost five years, while home prices increased more than forecast in the 12 months through April. The S&P 500 snapped a winning streak Monday, tumbling 5.8 percent from a record on May 21, the day before Federal Reserve Chairman Ben Bernanke said the central bank may start paring stimulus efforts as soon as September if the economy improves in line with its forecasts. The gauge spent 149 days through last Friday without incurring a drop of 5 percent or more from a peak, the longest since a 173-day stretch ended Feb. 20, 2007, about eight months before the financial crisis sent the market plunging 57 percent. Quantitative-easing measures have helped fuel a rally in stocks worldwide, with the benchmark U.S. index surging as much as 147 percent from its March 2009 low. While the S&P 500 is up 1.2 percent for the quarter, it is down 2.6 percent in June, on course to end a streak of seven monthly advances, the longest run since September 2009. "QE lifted all boats," Witold Bahrke, who helps oversee $55 billion as a senior strategist at PFA Pension in Copenhagen, Denmark, wrote in an email. "Equally, its removal will shake all markets. The recent comments from cen- tral-bank officials show that they are a bit scared about the consequences of their own words and do not want to see a cold-turkey reaction in markets in the context of a still-fragile world economy." The S&P 500 followed global stocks lower Monday as Chinese equities entered a bear market amid concern a cash crunch will hurt growth. China's central bank will keep money-market rates at a reasonable level and seasonal forces that have driven them up will fade, Ling Tao, deputy director of the PBOC's Shanghai branch, said at a briefing in Shanghai Tuesday. The overnight repurchase rate dropped 47 basis points to 6 percent, according to a daily fixing compiled by the National Interbank Funding Center. It reached a record 12.85 percent on June 20. More than 6.7 billion shares traded hands on U.S. exchanges Tuesday, or 4.3 percent higher than the three-month average. About 28.8 billion shares changed hands on U.S. exchanges in the previous three trading days, the most since August 2011, according to data compiled by Bloomberg. The Chicago Board Options Exchange Volatility Index, the measure of options on the S&P 500 known as the VIX, fell 8.2 percent to 18.47. The gauge surged 6.4 percent to 20.11 Monday, and has climbed 63 percent since hitting a six-year low in March. PulteGroup rallied 3.9 percent to $19.02. Nine out of 11 members of the S&P Supercomposite Homebuilding Index advanced. The homebuilder index recovered after falling 19.6 percent from a May 14 peak through Monday, close to the 20 percent threshold considered to be a bear market. JOIN THE NEW GENERATION OF GOOD LISTENERS Every Wednesday June & 26 July 3, 10, 17, 24 & 31 Pancake Breakfast Pine Street Plaza 332 Pine Street, Suite G Red Bluff, CA Stacy L. Garcia Hearing Aid Dispenser Lic. #7440 (800) 843-4271 Saturday, June 29th 7am-10am $ 00 8 Applebee's Restaurant 220 Antelope Blvd