U.S.
stocks rose, with the Standard & Poor’s 500 Index posting the best
two-day gain in more than five months, despite weakness in oil prices as
beaten-down banks, technology and retailer shares led an advance.
Citigroup
Inc. and U.S. Bancorp climbed more than up 2.7 percent. Retailers, one
of last week’s bright spots, added to their longest rally in three
months with Amazon.com Inc. and Home Depot Inc. rising at least 2.6
percent. ADT Corp. soared 48 percent after agreeing to be acquired by
Apollo Global Management LLC for about $6.9 billion. Community Health
Systems Inc. plunged 22 percent after reporting an unexpected quarterly
loss.
The
S&P 500 increased 1.7 percent to 1,895.58 at 4 p.m. in New York,
bringing the gauge’s climb since Thursday’s close to 3.6 percent. The
Dow Jones Industrial Average climbed 222.57 points, or 1.4 percent, to
16,196.41. The index has risen 536 points in two sessions, after losing
more than 750 in the prior five days. The Nasdaq Composite Index added
2.3 percent, the most in two weeks. About 8.6 billion shares traded
hands on U.S. exchanges, 6.3 percent above the three-month average.
Source: Bloomberg
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