U.S. Stocks Rise as Fed to Continue Bond-Buying Program
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U.S. stocks rose, snapping a three-day decline in the Standard & Poor’s 500 Index, as the Federal Reserve will keep up its bond buying to stimulate the economy and euro-area leaders weighed options for Cyprus.
Homebuilders rallied, as Lennar Corp. gained 4.8 percent after posting first-quarter earnings that beat projections. Adobe Systems Inc. climbed 4.2 percent as the software maker reported sales and profit that exceeded analysts’ estimates. FedEx Corp. slumped 6.9 percent as it lowered its 2013 earnings forecast amid a widening customer shift to cheaper overseas shipments. Oracle Corp. tumbled 7.5 percent after the close of regular trading as sales and profit missed estimates.