U.S. Stocks Advance Amid Bank Rally as Jobless Claims Decline
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U.S. stocks advanced, sending the Standard & Poor’s 500 Index to the highest level since 2008, amid a rally in financial shares and after government data showed that jobless claims declined to a four-year low.
JPMorgan Chase & Co. and Bank of America Corp. climbed at least 1.8 percent as Spanish and French borrowing costs fell. ConocoPhillips added 2.2 percent, pacing gains in energy producers, as crude oil traded near $110 a barrel. Gap Inc., the largest U.S. apparel chain, increased 7.2 percent as same-store sales exceeded estimates. General Motors Co. jumped 1.7 percent after the automaker reported a surprise U.S. sales gain.