U.S. stocks advanced for the first time in three days as better-than-estimated earnings at companies from Travelers Cos. to McDonald’s Corp. boosted speculation that the worst recession since the 1930s is over.
Travelers jumped 7.7 percent and McDonald’s climbed 2 percent to help lead the Dow Jones Industrial Average higher, while New York Times Co. and PNC Financial Services Group Inc. also rallied on better-than-estimated results. American Express Co. climbed 3.8 percent to a one-year high after Moody’s Investors Service said credit-card defaults declined.
The S&P 500 increased 1.1 percent to 1,092.91 at 4:10 p.m. in New York, recouping more than half of its retreat over the previous two days. The Dow rallied 131.95 points, or 1.3 percent, to 10,081.31. The Nasdaq Composite Index rose 0.7 percent to 2,165.29 as declines in EBay Inc. and Amgen Inc. limited gains.
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