U.S. Stocks Rise on EU Bank Plan as Economic Data Top Estimates
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U.S. stocks rose, following the biggest decline in three weeks for the Standard & Poor’s 500 Index, as Europe reached an agreement on plans to recapitalize banks and American economic reports surpassed forecasts.
Financial stocks in the S&P 500 advanced 2 percent, reversing an earlier decline, as European leaders agreed on a plan to safeguard banks even as talks on bondholder losses ran aground. Alcoa Inc. and Caterpillar Inc. increased at least 1.8 percent to pace gains among companies most-tied to the economy. Boeing Co. climbed 4.5 percent as earnings topped estimates.