Stocks Gain as Russell 2000 Erases Loss; Treasuries Drop

U.S. stocks gained as the Russell 2000 Index erased a loss and data showing growth in housing starts overshadowed a drop in consumer confidence. Treasuries fell for the first time in four days amid speculation their rally went too far amid a strengthening economy.

The S&P 500 added 0.4 percent at 4 p.m. in New York, erasing a loss for the week. The Russell 2000 of small-cap stocks added 0.6 percent, reversing a drop of as much as 0.7 percent earlier in the day. Yields on 10-year Treasuries rose three basis points to 2.52, climbing from the lowest level since October. India’s rupee rallied 1.6 percent against the dollar as results showed Narendra Modi’s main opposition bloc will take power. Nickel rebounded 1.5 percent after tumbling 6.4 percent yesterday, the most since 2011.