Today's, U.S. stocks rose, erasing yesterday’s drop for the Standard & Poor’s 500 Index, amid speculation the Federal Reserve will act to stimulate growth and Greece may satisfy requirements for international aid.
PulteGroup Inc., the largest U.S. homebuilder by revenue, and Travelers Cos., the lone insurer in the Dow Jones Industrial Average, added at least 2.8 percent after analysts raised their recommendations. Apple Inc. (AAPL), the world’s most valuable technology company, jumped 2.5 percent, rising for a seventh straight day to a record.
The S&P 500 gained 1.1 percent to 1,217.61 at 11:43 a.m. New York time, the highest level since Aug. 31 on a closing basis. Stocks swung between gains and losses earlier as the International Monetary Fund cut its forecast for global growth. The Dow climbed 111.64 points, or 1 percent, to 11,512.65.
Stocks retreated yesterday amid concern Greece will fail to qualify for more financial aid needed to avoid a debt default. Between April 29 and Aug. 8, the S&P 500 lost as much as 18 percent as investors speculated Europe’s crisis would threaten the global economy. Since then, the index has rebounded 7.6 percent through yesterday.
