U.S. Stocks Gain as Dow Average Tops 11,000 on Fed Easing Bets
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U.S. stocks advanced this week, sending the Dow Jones Industrial Average above 11,000 for the first time since before the May 6 crash, on speculation the Federal Reserve will buy more debt to boost the economy.
Alcoa Inc. gained 5.4 percent after third-quarter earnings topped analysts’ estimates. Exxon Mobil Corp. and Chevron Corp. rose at least 2.4 percent as commodity producers rallied on bets the Fed will increase asset purchases to pump more cash into the economy. J.C. Penney Co. jumped 18 percent, the most in the Standard & Poor’s 500 Index, after William Ackman’s hedge fund announced it had bought a stake.