S&P 500 Posts Third-Biggest Weekly Gain Since 2009
U.S. stocks advanced, driving the Standard & Poor’s 500 Index to the third-biggest weekly gain since 2009, as government officials and central bankers took steps to ease the European debt crisis.
Dell Inc. (DELL) climbed 8.8 percent after boosting its share buyback program, helping send technology companies in the S&P 500 to a 7.1 percent increase, the most since July 2009. Hartford Financial Services Group Inc. (HIG) rallied 14 percent after Credit Suisse Group AG boosted its rating, and Aetna Inc. (AET) advanced 9.3 percent after saying profit will probably beat its forecast. Goodrich Corp. surged 10 percent amid speculation United Technologies Corp. may buy the company.
The S&P 500 climbed 5.4 percent to 1,216.01 this week, trimming its 2011 loss to 3.3 percent. The Dow Jones Industrial Average increased 516.96 points, or 4.7 percent, to 11,509.09, leaving it down 0.6 percent since Dec. 31.
“It looks like the various political leaders and finance leaders are getting together and working in a consorted fashion, which is what’s necessary to get through this situation,” Peter Jankovskis, who helps manage about $2.6 billion at Oakbrook Investments in Lisle, Illinois, said in a telephone interview. “The equity market is likely to move higher here, and I think we will see a rally by year’s end.”
The S&P 500 climbed to the highest level since Aug. 31 after European Central Bank President Jean-Claude Trichet pressed euro-area governments yesterday to take decisive action to halt the debt crisis. Two days ago, the ECB bought more time by extending an emergency lifeline to banks, driving the week’s biggest advance in the stock market. French President Nicolas Sarkozy and German Chancellor Angela Merkel said they are convinced Greece will remain in the euro zone.
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