Pursuits
U.S. Stocks Rally as Bernanke Signals Economy Doesn’t Need Aid
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U.S. stocks rallied, breaking a four-week losing streak for the Standard & Poor’s 500 Index, as Federal Reserve Chairman Ben S. Bernanke indicated the economy isn’t deteriorating fast enough to warrant any immediate stimulus amid valuations close to the lowest in 2 1/2 years.
Caterpillar Inc. and Alcoa Inc. paced gains among companies most-tied to the economy, adding at least 2.2 percent. Technology shares rose the most in the S&P 500, with Cisco Systems Inc. and Intel Corp. advancing more than 1.5 percent. Tiffany & Co., the world’s second-largest luxury jewelry retailer, jumped 9.4 percent after reporting profit that beat analysts’ estimates and raising its earnings forecast.