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U.S. stocks rose, rebounding from yesterday’s slump, as speculation that policy makers will stimulate the economy overshadowed concern about Europe’s debt crisis after Fitch Ratings downgraded 18 Spanish banks.
Stocks rose after Federal Reserve Bank of Chicago President Charles Evans said he would support measures to generate faster job growth. Spanish borrowing costs jumped to the most in the history of the euro as Fitch said the nation will “significantly” miss its budget deficit targets.
The crisis in Spain, coinciding with the prospect of Greece leaving the euro after elections on June 17, has roiled markets around the world. Benchmark gauges fell yesterday, reversing earlier gains, as optimism over Spain’s bailout plan gave way to skepticism it will halt the debt crisis.
Zynga Inc. dropped 11 percent to $4.95, a record low. The biggest maker of games played on Facebook fell after analysts at Cowen & Co. said daily active users for its social gaming declined 8.2 percent in May.
Boeing (ВА) rallied 2.7 percent to $72.02. The world’s largest aerospace company was raised to outperform from market perform by Sanford C. Bernstein analyst Douglas Harned. The 12-month share-price estimate is $92.
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