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U.S. stocks rose as a better-than- estimated jump in pending home sales helped the market recover from an early drop after the Group of 20 nations rebuffed calls from the euro area for more bailout funding.
U.S. equities erased losses after a report showed that the number of Americans signing contracts to buy previously owned homes rose more than forecast in January, indicating the industry that triggered the last recession is improving.
European leaders shift their focus this week to bolstering the euro region’s debt-crisis firewall after the Group of 20 nations rebuffed their call for help. The European Central Bank will offer unlimited three-year funds, with banks set to take 470 billion euros ($629 billion), according to the median of 28 estimates in a Bloomberg survey, compared with 489 billion euros at the tender Dec. 21.
Dow 13,009.70 +26.75 +0.21%, Nasdaq 2,970.07 +6.32 +0.21%, S&P 500 1,368.97 +3.23 +0.24%
Lowe’s rose 2.1 percent to $27.73. Sales at stores open at least a year advanced 3.4 percent, helped by the fourth-warmest January on record. Unemployment sank to a three-year low last month and builders began work on more houses. Analysts had expected same-store sales to increase 1.1 percent, the average of seven estimates.
Financial shares in the S&P 500 rose 0.1 percent, reversing an earlier loss of 1.2 percent. Citigroup gained 1.3 percent to $32.77. Morgan Stanley increased 0.8 percent to $18.63.
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