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U.S. stocks rose, following the biggest gain in two months for the Standard & Poor’s 500 Index, amid economic optimism as housing data beat estimates while investors speculated China and Europe will stimulate growth.
Stocks gained today as purchases of previously owned houses increased to a 4.62 million annual rate. The China Securities Journal said the nation plans to speed up approval of infrastructure projects and allocate construction funding faster to improve growth. European Union leaders are preparing to gather in Brussels tomorrow to discuss how to revive growth.
JPMorgan (JPM) climbed 4.2 percent to $34.18. It had tumbled 20 percent since it announced $2 billion in trading losses on May 10. Citigroup Inc. gained 3.1 percent to $27.07. Bank of America Corp. (BAC) rose 2.9 percent to $7.03.
Urban Outfitters Inc. climbed 6.2 percent to $27.78. The retailer that rehired co-founder Richard Hayne as chief executive officer this year reported first-quarter profit that beat analysts’ estimates on record sales.
Ralph Lauren Corp. added 1.3 percent to $148.17. The retailer of its namesake brand clothing reported profit that beat analysts’ estimates because of sales gains at its own shops and department stores.
Facebook, the social networking site that raised $16 billion in an initial public offering, fell 4.5 percent to $32.50. The offering valued Facebook at 107 times trailing 12- month earnings, more than every S&P 500 member except Amazon.com Inc. and Equity Residential. The slump reinforces concern that the IPO was priced too high.
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