BLOOMBERG: U.S. stocks rallied the most in almost two months as better-than-estimated growth in American and Chinese manufacturing bolstered confidence in the global economic recovery…
The S&P 500 climbed 3 percent to 1,080.28 at 4 p.m. in New York, the biggest gain since July 7. The Dow Jones Industrial Average rose 254.75 points, or 2.5 percent, to 10,269.47. More than 35 stocks in the Russell 3000 Index rallied for each that fell, the most since May 27.
Equities rebounded from the biggest August plunge in nine years as the expansion in manufacturing tempered concern that the global economy will slow as governments withdraw stimulus measures. Some Federal Reserve policy makers saw greater risks to the recovery yet the central bank signaled it’s hesitant to undertake another round of debt purchases to boost growth, according to minutes of an August meeting released yesterday… (more)
