U.S. Stocks Climb as Beaten-Down Banks, Retailer Shares Rally

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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U.S. Stocks Climb as Beaten-Down Banks, Retailer Shares Rally

U.S. stocks rose for a second day, overcoming weakness in oil prices as beaten-down banks and retailers 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 1.5 percent. ADT Corp. soared 50 percent after agreeing to be acquired by Apollo Global Management LLC for about $ 6.9 billion. Community Health Systems plunged 27 percent after reporting an unexpected quarterly loss.

The Standard & Poor’s 500 Index increased 1.3 percent to 1,888.47 at 12:18 p.m. in New York, following its biggest rally in two weeks on Friday. The Dow Jones Industrial Average climbed 164.36 points, or 1 percent, to 16,138.20. The Nasdaq Composite Index added 1.7 percent. Trading in S&P 500 shares was 8 percent below the 30-day average for this time of day.

West Texas Intermediate crude futures fell 1.2 percent, paring an earlier 2.5 percent slide. The world’s two largest crude producers — Saudi Arabia and Russia — said they would hold output at January levels. Oil struggled to rally amid speculation that the production freeze would do little to reduce the glut of crude.

Source: Bloomberg

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