Economics
U.S. Stocks Rise on Fed Stimulus Bets After GDP Report
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U.S. stocks rose, following the Dow Jones Industrial Average’s biggest drop in four weeks, as weaker-than-expected data on economic growth and jobless claims boosted speculation the Federal Reserve will maintain stimulus.
Financial companies gained the most out of 10 groups in the Standard & Poor’s 500 Index, increasing 1.1 percent. Bank of America Corp. jumped 2.6 percent for the biggest advance in the Dow. NV Energy Inc. surged 23 percent after Warren Buffett’s MidAmerican Energy Holdings Co. said it will pay $5.6 billion for Nevada’s biggest utility. Clearwire Corp. rallied 29 percent after Dish Network Corp. raised its bid for the company.