U.S.
stocks rose for a second day as energy companies rallied with crude
oil, while Federal Reserve officials start a two-day meeting at which
they are widely expected raise rates for the first time since 2006.
Chevron
Corp. and Exxon Mobil Corp. gained more than 3.2 percent, taking their
two-day advances to more than 6 percent. Financial shares increased as
concern over turmoil in high-yield bonds abated, with asset managers
Affiliated Managers Group Inc. and Franklin Resources Inc. rebounding at
least 1.2 percent. 3M Co. fell 4.8 percent, weighing on industrials
after cutting its profit forecast.
The
Standard & Poor’s 500 Index climbed 0.9 percent to 2,040.41 at
11:44 a.m. in New York, with the gauge headed toward its first
back-to-back gains since Nov. 3. The Dow Jones Industrial Average
increased 165.99 points, or 1 percent, to 17,534.49. The Nasdaq
Composite Index rallied 0.8 percent. West Texas Intermediate crude
futures rose 2.2 percent.
Another
gauge of investor nervousness, the Chicago Board Options Exchange
Volatility Index, fell 6.3 percent Tuesday to 21.31, extending its
two-day decline to 13 percent. The measure of market turbulence known as
the VIX surged 65 percent last week, the most since a record monthly
jump in August.
All
of the S&P 500’s 10 main industries climbed today, led by energy’s
2.6 percent jump. Financial and health-care companies added more than
1.1 percent.
Ensco
Plc rose 7.4 percent to lead the energy group, while Baker Hughes Inc.
and Transocean Ltd. added more than 4.2 percent. Exxon Mobil had its
strongest gain in more than three months.
Banks
surged, rising along with Treasury yields amid speculation that higher
interest rates will lift profits. Comerica Inc. rallied 4.3 percent,
while Regions Financial Corp. and Huntington Bancshares Inc. gained at
least 3.3 percent. Among other financial companies, Morgan Stanley and
Goldman Sachs Group Inc. increased more than 2.8 percent
Source: Bloomberg
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