U.S. stocks rose
U.S. stocks rose, pushing the Standard & Poor’s 500 Index (SPX) toward its second straight weekly gain, after European leaders agreed to boost a rescue fund and American consumer confidence topped estimates. European leaders meeting in Brussels tightened anti-deficit rules and agreed to boost their crisis-fighting war chest by as much as 200 billion euros ($267 billion) by funneling money to the International Monetary Fund. They outlined a “fiscal compact” to prevent future debt run-ups and accelerated the start of a planned 500 billion-euro rescue fund. In addition, they watered down the demand that investors share the cost of future bailouts.Dow 12,166 +167.94 +1.40%
Nasdaq 2,637 +41.01 +1.58%
S&P 1,253 +19.00 +1.54%Financial companies had the biggest advance out of 10 sectors in the S&P 500, rising 2.4 percent as a group. Morgan Stanley (MS) increased 4.4 percent to $16.58. JPMorgan Chase climbed 2.6 percent to $33.04. Bank of America added 3.8 percent, the biggest gain in the Dow, to $5.80.JPMorgan Chase (JPM) & Co. and Bank of America Corp. (BAC) climbed more than 2.6 percent as banks rallied amid optimism on Europe. General Electric Co. (GE) jumped 3.7 percent after boosting its dividend for the fourth time since July 2010. Caterpillar Inc. (CAT), the world’s largest construction and mining-equipment maker, and Halliburton Co. (HAL) gained at least 1.5 percent as investors bought shares of companies most tied to economic growth.