Financial stocks led a market rally on Monday, prompted by Meredith Whitney's raising Goldman Sachs to "buy" status.
From Whitney Kisling, Bloomberg:
July 13 (Bloomberg) -- U.S. stocks rose, with the Standard & Poor’s 500 Index rebounding following four weeks of losses, as analyst Meredith Whitney recommended buying shares of Goldman Sachs Group Inc. and said banks may advance 15 percent.
Goldman Sachs gained 5.3 percent as Whitney gave the firm the only “buy” rating among the eight companies she covers. Bank of America Corp. climbed the most in a month after the analyst told CNBC the shares were the “cheapest” among U.S. banks. JPMorgan Chase & Co. and Wells Fargo & Co. each rose at least 5 percent. All 10 industries in the S&P 500 and 29 of 30 Dow Jones Industrial Average companies increased.
The S&P 500 advanced 1.9 percent to 895.72 at 1:20 p.m. in New York, the biggest gain in more than two weeks. The Dow average added 144.72 points, or 1.8 percent, to 8,291.24. More than five stocks gained for each that fell on the New York Stock Exchange.
