U.S. stocks rose Monday, increasing the largest weekly gain in about four months.
From Matt Townsend, Bloomberg:
July 20 (Bloomberg) -- U.S. stocks rose, adding to the market’s biggest weekly gain since March, as a gauge of economic indicators topped projections and speculation grew that CIT Group Inc. will avoid bankruptcy. Asian and European shares and Treasuries advanced.
Caterpillar Inc., Alcoa Inc. and American Express Co. added at least 1.8 percent as the Conference Board’s gauge of the economic outlook increased for a third straight month. CIT Group jumped 81 percent as a person briefed on the board’s deliberations said the lender has agreed to a financing agreement with bondholders. Hasbro Inc. and Eaton Corp. gained at least 3.5 percent on earnings that beat analysts’ estimates.
The S&P 500 added 0.5 percent to 945.3 at 1:03 p.m. in New York and climbed as high as 948.9, above its best close since Nov. 5. The Dow Jones Industrial Average jumped 46.7 points, or 0.5 percent, to 8,790.64, erasing its loss for the year. Europe’s Dow Jones Stoxx 600 Index added 1.2 percent and the MSCI Asia-Pacific Index increased 1.4 percent.
