U.S. stocks rallied,
heading toward their first gain in three days after a batch of
better-than-estimated earnings from companies including McDonald’s Corp.
and EBay Inc. boosted optimism on the health of corporate America.
Equities got a further
lift from prospects Europe will move to bolster its economy. European
Central Bank President Mario Draghi said today policy makers will
investigate fresh stimulus measures to thwart downside risks to the
growth and inflation outlooks.
McDonald’s jumped the
most in seven years and EBay headed for its biggest gain since 2012. Dow
Chemical Co. advanced 5 percent after its earnings topped forecasts,
and Texas Instruments added 10 percent after better-than-estimated
results. American Express Co. lost 5.5 percent after results missed
analysts’ forecasts. Valeant Pharmaceuticals International Inc. fell
another 14 percent after tumbling 19 percent yesterday.
The Standard &
Poor’s 500 Index rose 1.7 percent to 2,052.22 at 12:35 p.m. in New York,
rallying above its average price during the past 100 days. The Dow
Jones Industrial Average gained 300.34 points, or 1.8 percent, to
17,468.95, while the Nasdaq Composite Index climbed 1.7 percent.
Source: Bloomberg
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