Stocks rise, bond yields drop after U.S. economic data

The S&P 500 rose 0.5 per cent as of 10:02 a.m. New York time. The yield on 10-year Treasuries declined five basis points to 4.15 per cent. The Bloomberg Dollar Spot Index was little changed.

U.S. job openings fell in July by more than expected to a more than two-year low, extending a gradual rebalancing in the labor market. Separate data showed consumer confidence dropped more than economists expected in August.Regional banks are in focus, with regulators expected to propose rules that require that lenders with as little as US$100 billion in assets issue enough long-term debt to cover capital losses if they ever failed.

A gauge of U.S.-listed Chinese stocks rose as Bloomberg News reported that the nation’s largest banks are preparing to cut interest rates on existing mortgages and deposits, the latest state-directed measures to shore up growth in the world’s second-largest economy. Best Buy Co. said a painful sales slump in consumer electronics and household appliances is starting to show signs of easing.

3M Co. has agreed to pay more than $6 billion over five years to resolve hundreds of thousands of lawsuits alleging it sold defective ear plugs to the U.S. military that led to hearing damage for combat troops.The S&P 500 rose 0.5 per cent as of 10:02 a.m. New York timeThe Stoxx Europe 600 rose 0.8 per centThe Bloomberg Dollar Spot Index was little changedThe Japanese yen fell 0.1 per cent to 146.70 per dollarBondsGermany’s 10-year yield declined three basis points to 2.

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