Energy Shares Aid Market Rebound
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American stocks advanced, rebounding from the biggest drop in a month, as higher oil prices boosted energy shares and analysts said Fannie Mae and Freddie Mac have enough capital to last the year.
Anadarko Petroleum Corp. jumped 6.4% and led gains in 38 of 39 energy producers in the Standard & Poor’s 500 Index as crude climbed on concern a hurricane will threaten production in the Gulf of Mexico. Freddie Mac and Fannie Mae, the largest American mortgage-finance companies, jumped more than 8% each. Marvell Technology Group Ltd. posted its worst drop in almost two months after Jefferies & Co. downgraded the chipmaker on concern demand is slowing.
“We’re still very favorable towards energy,” a manager of $4 billion as head of large American growth stocks at Deutsche Asset Management in Milwaukee, Julie Van Cleave, said.
