U.S. Stocks Rally, Driving Dow to Pre-Lehman-Bankruptcy Levels
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U.S. stocks rallied for a fifth week, sending the Dow Jones Industrial Average to its highest level since before Lehman Brothers Holdings Inc.’s 2008 bankruptcy, as the Federal Reserve announced a $600 billion bond-purchase plan to boost growth and employment increased more than forecast.
JPMorgan Chase & Co. and Bank of America Corp. jumped at least 8 percent amid speculation the Fed will let strong banks boost dividends or buybacks. Alcoa Inc., American Express Co. and Caterpillar Inc. jumped more than 6.2 percent to lead the Dow’s gain. Starbucks Corp. and Qualcomm Inc. advanced as earnings beat estimates.