U.S. Stocks Rise as S&P 500 Builds on Its 6.5% December Rally
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U.S. stocks rallied, sending benchmark indexes up the most in a month, as analyst ratings upgrades and growth in manufacturing bolstered speculation the rally in equities will continue in 2011.
Bank of America Corp. jumped 6.4 percent after saying it will resolve mortgage-purchase claims by Freddie Mac and Fannie Mae. Alcoa Inc. climbed 2.7 percent as Deutsche Bank AG recommended the shares. General Motors Co. rose 0.5 percent as Goldman Sachs Group Inc. rated the stock a new “buy.” Boeing Co. gained 1.8 percent after the world’s largest aerospace company was upgraded to “overweight” at JPMorgan Chase & Co.