S&P 500 Rallies to Highest Level Since August as Banks Surge
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U.S. stocks gained, sending the Standard & Poor’s 500 Index to the highest level since August, as Bank of America Corp. paced a rally in financial shares and optimism grew over progress on expanding Europe’s rescue fund.
Bank of America climbed 10 percent after it swung to a profit as credit quality improved. A gauge of homebuilders in S&P indexes jumped 9.6 percent, the most since March 2009, as data showed that industry sentiment increased more than forecast. Caterpillar Inc. and Alcoa Inc. added at least 3.9 percent, pacing gains among companies most-tied to the economy. Apple Inc. tumbled 5.9 percent after the close of regular trading after profit and sales missed analysts’ expectations.