U.S. stocks rose, rebounding from the first two-week decline since July, as Goldman Sachs Group Inc. recommended large banks and a report showed service industries returned to growth after 11 months of contraction. Gold and oil advanced as the dollar weakened.
Wells Fargo & Co. rallied 6.9 percent and JPMorgan Chase & Co. added 4.6 percent as Goldman Sachs said big banks will outperform regional lenders. Nordstrom Inc. and Limited Brands Inc. climbed at least 7.7 percent after the Institute for Supply Management�s gauge of non-manufacturing businesses topped estimates. Brocade Communications Systems Inc. jumped 19 percent, the most in seven weeks, on takeover speculation.
The Standard & Poor�s 500 Index added 1.5 percent to 1,040.46 at 4:39 p.m. in New York, its steepest gain in a week. The Dow Jones Industrial Average gained 112.08 points, or 1.2 percent, to 9,599.75. Europe�s benchmark index advanced 0.9 percent, while Asia�s slipped 0.7 percent. Seven stocks rose for each that fell on the New York Stock Exchange.
(Bloomberg.com)
