U.S. Stocks Rally on Consumer Spending Data, Exxon Mobil Profit

U.S. stocks rose, extending the second straight monthly gain for the Standard & Poor’s 500 Index, as businesses expanded at the fastest pace since 1988 and consumer spending and Exxon Mobil Corp.’s profit beat estimates.

An index of energy shares in the S&P 500 rallied 2.6 percent, led by Exxon, the world’s largest company by market value, as Brent crude exceeded $100 a barrel for the first time since 2008. Massey Energy Co. jumped 9.8 percent after Alpha Natural Resources Inc. agreed to buy the coal producer for $7.1 billion. Intel Corp., the world’s largest chipmaker, ended unchanged after saying a design error will cut sales and margins. Rival Advanced Micro Devices Inc. rose 4.5 percent.