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U.S. stocks rose, following a two- day drop in the Standard & Poor’s 500 Index, after the International Monetary Fund raised its global growth forecast and concern about Europe’s crisis eased as Spain’s bonds gained.
Equities rallied as the IMF raised its forecast for global growth in 2012 to 3.5 percent from 3.3 percent and said the U.S. will expand 2.1 percent. German investor confidence unexpectedly rose and Spain sold 12-month and 18-month bills a day after borrowing costs climbed to the highest this year.
Dow 13,116.11 +194.70 +1.51%, Nasdaq 3,046.86 +58.46 +1.96%, S&P 500 1,390.54 +20.97 +1.53%
Coca-Cola (КО) gained 2.7 percent to $74.40. Chief Executive Officer Muhtar Kent has introduced smaller package sizes to attract price-conscious consumers as part of an effort to spur sales in North America.
First Solar surged 12 percent, the most in the S&P 500, to $23.36. The company will cut about 2,000 jobs in response to a deteriorating European market. Most of the jobs to be eliminated will be at a factory it’s closing in Germany and in Malaysia, where it’s idling four production lines.
Goldman Sachs Group Inc. swung between gains and losses, recently rising 0.7 percent to $118.59. The fifth-biggest U.S. bank by assets reported a 23 percent decline in first-quarter profit, beating analysts’ estimates. The company boosted the dividend 31 percent. Revenue from trading bonds, currencies and commodities lagged behind JPMorgan Chase & Co.
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