U.S. Stocks Rise as CSX Results, China Reserves Boost Optimism
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U.S. stocks rose, sending benchmark indexes to five-month highs, as better-than-estimated results at CSX Corp. and China’s record currency reserves boosted optimism in the economic recovery.
CSX, the second-largest publicly traded U.S. railroad, rallied 4.2 percent after also saying it’s seeing improvements across almost all markets. Alcoa Inc. added 1.3 percent and Freeport-McMoRan Copper & Gold Inc. advanced 3.8 percent, leading a measure of raw-materials producers to the biggest gain among 10 industries in the Standard & Poor’s 500 Index, amid speculation that Chinese demand will improve after the world’s fastest-growing major economy announced $2.65 trillion in currency reserves.