U.S. Stocks advance on optimism Europe will act
U.S. stocks advanced, following the biggest weekly decline for the Dow Jones Industrial Average since October 2008, on speculation European leaders will act to prevent the region’s debt crisis from getting worse.
Bank of America Corp. and JPMorgan Chase & Co. jumped more than 1.9 percent, as European Central Bank policy makers are said to consider restarting covered-bond purchases along with further measures to ease monetary conditions. Berkshire Hathaway Inc. Class B shares jumped 5.9 percent as the company plans a stock buyback. Apple Inc. lost 1.4 percent after an analyst said the company is cutting orders for iPad parts.