U.S. stocks went up, which sent the Standard & Poor’s 500 Index to the highest level in over a month, as the Federal Reserve starts a 2-day meeting to decide whether more monetary stimulus is required to boost the economy.
Bank of America Corp. (NYSE:BAC) leaped 4.9% as the Federal Housing Finance Agency is planning to assist banks avoid being forced to buy back mortgages as it becomes worried lenders are tightening standards even for the most creditworthy home buyers. FedEx Corp. (NYSE:FDX), operator of the largest cargo airline, rose 3.4% as executives made a pledge to improve service and efficiency as slowing economic growth pressures profits. Microsoft Corp. (NASDAQ:MSFT) increased 3.6% after revealing a tablet computer.
The S&P 500 jumped 1%to 1,358.77 at 12:18 p.m. New York time, rallying 3.3% in 4 days. The Dow Jones Industrial Average leaped 118.78 points, or 0.9%, to 12,860.60 today. Trading in S&P 500 companies almost lined up with the thirty-day average at this time of day.
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