Pursuits
U.S. Stocks Gain, Erasing Early Drop, as Commodity Shares Rally
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U.S. stocks rose, paring yesterday’s drop, as higher metal prices lifted commodity producers and Wells Fargo & Co. said government data showing a record low pace in new-home sales will likely be revised higher.
Freeport-McMoRan Copper & Gold Inc. rose 5 percent, while Alcoa Inc. added 3 percent, as copper paced gains in commodities amid a surge in stockpile orders for the metal. Walt Disney Co. added 1.9 percent as investors re-elected Apple Inc. Chief Executive Officer Steve Jobs to the board of the entertainment company. Jabil Circuit Inc. jumped 11 percent for the top gain in the Standard & Poor’s 500 Index after the electronics manufacturer’s earnings forecast topped analysts’ estimates.