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U.S. stocks rose, after the first weekly loss for the Standard & Poor’s 500 Index in 2012, as Greece approved austerity plans to secure rescue funds.
Global stocks gained today as Germany and the European Commission welcomed Greek approval of the austerity steps demanded for a financial lifeline, suggesting euro finance chiefs will pull Greece back from the brink when they meet in two days. The Greek parliament’s backing “is a crucial step forward toward the adoption of the second program,” EU Economic and Monetary Affairs Commissioner Olli Rehn said.
Dow 12,843.12 +41.89 +0.33%, Nasdaq 2,920.58 +16.70 +0.58%, S&P 500 1,348.37 +5.73 +0.43%
Bank of America (ВАС) rose 2 percent to $8.24. Citigroup climbed 1.2 percent to $33.33.
Goldman Sachs Group Inc. gained 0.4 percent to $114.61. The first-quarter profit estimate for the fifth-biggest U.S. bank by assets was raised 21 percent at International Strategy & Investment Group Inc., after an oil discovery near Angola boosted the value of one of the firm’s investments.
Apple added 1 percent to $498.11, after rallying for four straight weeks. On Jan. 24, the largest technology company reported quarterly profit that more than doubled.
Chesapeake added 1.6 percent to $22.48. The sales will help the company reduce debt and fund its drilling operations as it faces gas prices that hit a 10-year low in New York last month.
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