U.S. stocks rose, sending benchmark indexes to almost one-year highs, on signs the world economy is improving and analyst upgrades of companies from Macy’s Inc. to Hewlett-Packard Co. The dollar fell to a one-year low against the euro, helping drive oil, gold and copper prices higher.
JPMorgan Chase & Co. gained 4.3 percent after its earnings estimate was raised at Bank of America Corp. Macy’s jumped 5.5 percent as Citigroup Inc. advised buying the shares, while Hewlett-Packard added 1.4 percent on a Credit Suisse Group AG upgrade. Newmont Mining Corp. and Exxon Mobil Corp. rose with metal and crude prices. Caterpillar Inc. gained 3.6 percent on speculation demand for commodities will boost sales.
The Standard & Poor’s 500 Index rose 0.7 percent to 1,071.66 at 4:05 p.m. in New York. The Dow Jones Industrial Average gained 51.01 points, or 0.5 percent, to 9,829.87. The MSCI World Index rallied 1.1 percent. All three gauges closed at their highest levels since early October.
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