Economics
U.S. Stocks Rally for Fifth Straight Week on Jobs Report
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U.S. stocks rallied for a fifth week as data showing improvement in the labor market and better-than-estimated earnings sent benchmark indexes toward record highs.
Caterpillar Inc. jumped 4.1 percent after forecasting earnings growth in the second half as the world economy improves. Valero Energy Corp. added 18 percent on a 20-fold profit gain. Verizon Communications Inc. and AT&T Inc. rose 4.4 percent as telephone companies led gains among 10 groups in the Standard & Poor’s 500 Index. United Parcel Service Inc. declined 3 percent as the world’s largest package-delivery company gave a profit outlook that trailed estimates.