Economics
U.S. Stocks Gain for Week, Erasing Loss on JPMorgan Rally
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U.S. stocks rose for the week, reversing losses on the final day, as a rally in JPMorgan Chase & Co. and speculation China will boost stimulus measures tempered concern about earnings and the global economy.
JPMorgan jumped 6.4 percent for the week as Chief Executive Officer Jamie Dimon said the bank will probably post record earnings for 2012 even after reporting a $4.4 billion trading loss. Procter & Gamble Co. surged 6.2 percent for the second-biggest gain in the Dow Jones Industrial Average. Technology and raw-material shares in the Standard & Poor’s 500 Index slumped more than 1.2 percent amid concern a slowdown in the global economic recovery will damp demand.