U.S. Stocks Rise on Mubarak Resignation, Consumer Confidence
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U.S. stocks rose, extending a second straight weekly advance, as Egyptian President Hosni Mubarak’s resignation and a jump in consumer confidence to an eight-month high bolstered optimism in the global economic recovery.
Caterpillar Inc., JPMorgan Chase & Co. and Bank of America Corp. climbed at least 1.9 percent to lead the Dow Jones Industrial Average higher. ConocoPhillips added 2.1 percent on plans to raise its dividend and buy back as much as $10 billion in stock. Kraft Foods Inc. dropped 1.5 percent after lowering its forecast because of rising commodity costs. An exchange-traded fund tracking Egyptian equities rallied 4.5 percent.