Brazil’s Bovespa Climbs to 2-Year High on Fed Treasury Purchase
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Brazilian stocks advanced for a third day, pushing the Bovespa stock index to a more than two-year high, as the U.S. Federal Reserve said it will purchase $600 billion of Treasuries through June to boost economic growth.
Banco Santander Brasil SA led a rally for financial stocks, following gains by U.S. banks. Empresa Brasileira de Aeronautica SA, the world’s fourth-biggest aircraft manufacturer, climbed after Bank of America Corp. raised it to “buy” from “underperform.” Petroleo Brasileiro SA, the state-controlled oil company, jumped as Banco BTG Pactual advised buying the stock on the potential for improving reserve estimates and investor sentiment.