U.S. Stocks Advance a Third Week on Economic Reports, Earnings
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U.S. stocks rose for a third week, the longest winning streak since October, as better-than-estimated economic data and company earnings boosted confidence in American growth.
Technology and energy companies led rallies by nine out of 10 Standard & Poor’s 500 Index groups, climbing more than 2.7 percent. Sears Holdings Corp. added 46 percent amid speculation it may go private and optimism CIT Group Inc. will approve financing for the retailer’s vendors. Bank of America Corp. led Dow Jones Industrial Average gains after posting a profit. International Business Machines Corp. increased 5.2 percent after forecasting earnings that beat analysts’ estimates.