Economics
U.S. Stocks Rally Amid Optimism About Global Economic Recovery
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U.S. stocks rose, sending the Standard & Poor’s 500 Index to the highest level in almost a month, amid optimism the economy will recover and after Hurricane Irene failed to shut financial markets.
Only three stocks in the benchmark gauge declined today as all of its 10 groups advanced. The S&P 500 Insurance Index of 22 stocks rallied 4.8 percent as Hurricane Irene’s estimated cost declined with the storm losing strength en route to New York. Bank of America Corp. rose 8.1 percent after agreeing to sell about half its stake in China Construction Bank Corp. in a deal generating $8.3 billion in cash proceeds.