U.S. Stocks Rally as S&P 500 Gains a Fifth Day to Two-Year High

U.S. stocks gained, sending the Standard & Poor’s 500 Index higher for a fifth day, as government data showed the economy grew last quarter at a faster pace than previously estimated.

Bank of America Corp. and JPMorgan Chase & Co. rose at least 2.8 percent after lawmakers denied budget increases that regulators said were needed to meet responsibilities imposed by the Dodd-Frank Act. Walgreen Co. jumped 5.5 percent after the largest U.S. drugstore chain reported profit that beat analyst estimates. Carnival Corp. jumped 3.1 percent as S&P equity analysts advised buying the stock.