S&P 500 Caps Longest Advance Since December Amid Energy Rally
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The Standard & Poor’s 500 Index rose for a fifth day, capping its longest rally since December, as energy and bank shares advanced and investors weighed developments in Europe’s efforts to tame its debt crisis.
Chesapeake Energy Corp. surged 6.3 percent, pacing gains in energy companies, as the second-largest U.S. natural-gas producer said it will cut production and reduce spending. Bank of America Corp. added 2.6 percent as Chief Executive Officer Brian T. Moynihan said the lender may reduce annual costs by as much as an additional $3 billion. Procter & Gamble Co. slumped