U.S. Stocks Gain, Reversing Loss in Last Hour, on China Report
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U.S. stocks advanced, erasing earlier losses, as speculation that China may invest in Italy triggered a rally that lifted the Dow Jones Industrial Average more than 200 points in the last 45 minutes of trading.
Nine out of 10 groups in the Standard & Poor’s 500 Index rallied, led by technology and financial shares. Bank of America Corp., the biggest U.S. lender by assets, gained 1 percent on plans to eliminate 30,000 jobs in the next few years. NetLogic Microsystems Inc. surged 51 percent after Broadcom Corp. agreed to buy the semiconductor company for $3.7 billion in cash.