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US Stocks Gain, Extend Global Rally
Dow Up 1,500 Points From March 6 Lows
By Elizabeth Stanton, Bloomberg
New York — U.S. stocks rallied, extending a global advance, as world leaders agreed on measures to fight the recession and accounting regulators approved a rule change that may boost bank profits. Oil rose the most in three weeks, while the dollar and Treasuries fell.
Caterpillar Inc., Walt Disney Co. and DuPont Co. climbed more than 7.5 percent amid growing speculation the world economy is stabilizing. Wells Fargo & Co. increased 5.9 percent and Goldman Sachs Group Inc. gained 3.6 percent after the Financial Accounting Standards Board voted to relax so-called fair-value rules. Benchmark indexes jumped even as new claims for unemployment insurance benefits swelled to a 26-year high.
The Standard & Poor’s 500 Index rose 2.9 percent to 834.38. The Dow Jones Industrial Average added 216.48 points, or 2.8 percent, to 7,978.08. Both closed at their highest levels since the second week of February. Europe’s Dow Jones Stoxx 600 rose 4.9 percent. The MSCI Asia Pacific Index hit 4.8 percent.
“Right or wrong, the belief is we may have seen the worst of the economic side of things,” said William Stone, the chief investment strategist in the wealth management unit of PNC Financial Services Group Inc., which oversees $110 billion in Philadelphia.
Caterpillar Inc., Walt Disney Co. and DuPont Co. climbed more than 7.5 percent amid growing speculation the world economy is stabilizing. Wells Fargo & Co. increased 5.9 percent and Goldman Sachs Group Inc. gained 3.6 percent after the Financial Accounting Standards Board voted to relax so-called fair-value rules. Benchmark indexes jumped even as new claims for unemployment insurance benefits swelled to a 26-year high.
The Standard & Poor’s 500 Index rose 2.9 percent to 834.38. The Dow Jones Industrial Average added 216.48 points, or 2.8 percent, to 7,978.08. Both closed at their highest levels since the second week of February. Europe’s Dow Jones Stoxx 600 rose 4.9 percent. The MSCI Asia Pacific Index hit 4.8 percent.
“Right or wrong, the belief is we may have seen the worst of the economic side of things,” said William Stone, the chief investment strategist in the wealth management unit of PNC Financial Services Group Inc., which oversees $110 billion in Philadelphia.
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