U.S.
stocks rallied for a fourth day, erasing losses for the year in the
Standard & Poor™s 500 Index, as the European Central Bank unveiled
an expanded stimulus plan and banks and transportation companies surged
amid better-than-forecast earnings.
KeyCorp
led gains among banks after fourth-quarter results topped analyst
estimates. Southwest Airlines Co. jumped 8.4 percent as profit rose 71
percent on lower jet fuel prices. Union Pacific Corp. added 4.8 percent
as a strengthening U.S. economy and growing construction market boosted
traffic on the rails in the fourth quarter. EBay Inc. increased 7.1
percent after entering a standstill agreement with activist investor
Carl Icahn.
The
S&P 500 gained 1.5 percent to 2,063.31 at 4 p.m. in New York, the
highest since Dec. 30. The gauge climbed above its average price for the
past 50 days. The Dow Jones Industrial Average climbed 264.36 points,
or 1.5 percent, to 17,818.64. The Russell 2000 Index surged 2.1 percent.
Trading in S&P 500 companies was 24 percent above the 30-day
average for this time of the day.
The Chicago Board Options Exchange Volatility Index, known as the VIX, lost 13 percent, the most since December, to 16.45.
Source: Bloomberg
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