U.S. Stocks Advance as Fed Indicates It’s Ready to Buy Bonds
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U.S. stocks rose, erasing earlier losses and sending benchmark indexes to five-month highs, as Federal Reserve policy makers indicated they are ready to pump more cash into the economy to protect the recovery.
Bank of America Corp., JPMorgan Chase & Co. and Goldman Sachs Group Inc. helped lead a recovery by the Standard & Poor’s 500 Index after minutes of the Fed’s Sept. 21 meeting showed the central bank was ready to ease monetary policy “before long.” King Pharmaceuticals Inc. jumped 39 percent, the most in 11 years, after agreeing to be bought by Pfizer Inc.