Pursuits
U.S. Stocks Rally as Fed Announces Stimulus Measures
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U.S. stocks surged, sending the Standard & Poor’s 500 Index to its highest level since 2007, as the Federal Reserve said it will buy mortgage-backed securities to bolster the economy.
All 10 groups in the S&P 500 gained. Bank of America Corp. and JPMorgan Chase & Co. jumped more than 3.7 percent to pace gains among financial shares. Alcoa Inc. and Cliffs Natural Resources Inc. rallied at least 3 percent as commodity companies advanced. Pall Corp. rose 8 percent as it reported quarterly earnings that topped analysts’ estimates. Apple Inc. added 2 percent after unveiling a new version of the iPhone yesterday.