U.S. Stocks Rally as Jobless Claims, Profits Offset Europe Woes
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U.S. stocks rallied, reversing yesterday’s drop for the Standard & Poor’s 500 Index, as a decline in jobless claims and better-than-estimated corporate earnings tempered concern Europe’s debt crisis is worsening.
All 10 groups in the S&P 500 advanced at least 2.5 percent, with gains being led by financial, energy and raw-material companies. Bank of America Corp. and JPMorgan Chase & Co. rallied more than 6.7 percent, after plunging at least 5.5 percent yesterday. Cisco Systems Inc., the world’s largest maker of networking equipment, soared 16 percent, the most since May 2002, as profit and sales beat analysts’ estimates.