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09-14-2011, 05:42 PM #1
U.S. Stocks Rally as Germany, France Support Greece
September 14, 2011 5:40 PM
U.S. Stocks Rally as Germany, France Express Support for Greece
Sept. 14 (Bloomberg) -- U.S. stocks rose, sending the Standard & Poor's 500 Index higher for a third day, as French President Nicolas Sarkozy and German Chancellor Angela Merkel said they are convinced Greece will remain in the euro zone.
All 10 groups in the S&P 500 advanced. General Electric Co., Home Depot Inc. and Monsanto Co. rose at least 2.4 percent, pacing gains in companies most-tied to economic growth. The Dow Jones Transportation Average, a proxy for the economy, added 2 percent, as FedEx Corp. climbed 1.4 percent. Dell Inc. advanced 3.3 percent as the second-largest personal-computer maker approved an additional $5 billion for its stock repurchases.
The S&P 500 gained 1.4 percent to 1,188.68 at 4 p.m. New York time, rallying 3 percent in three days and erasing its drop on Sept. 9, which had been driven by speculation Greece could default. The index pared a gain of as much as 2.5 percent in the final minutes of trading today. The Dow Jones Industrial Average rose 140.88 points, or 1.3 percent, to 11,246.73.
“It's a psychological lift,â€NO AMNESTY
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