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Nov. 30, 2011 (Bloomberg) -- U.S. stocks rose, sending benchmark gauges higher for a third day, after central banks acted together to make additional funds available to lenders as Europe’s crisis threatens global economic growth.
The Financial Select Sector SPDR Fund (XLF) advanced 3.4 percent after the Federal Reserve and five central banks lowered interest rates on dollar swaps and China cut banks’ reserve requirements. Wells Fargo (WFC) & Co. and Bank of America Corp. (BAC) increased at least 3.1 percent. Alcoa Inc., Halliburton Co. and Caterpillar Inc. (CAT) rallied more than 4.5 percent to pace gains among companies that are most-dependent on economic growth.
The Standard & Poor’s 500 Index gained 2.7 percent to 1,227.76 at 9:39 a.m. New York time. The benchmark gauge rallied 3.2 percent in three days. The Dow Jones Industrial Average rose 321.13 points, or 2.8 percent, to 11,876.76 today.
“Central banks around the world are going back to easing or supporting the marketplace,” Mark Bronzo, who helps manage $24 billion at Security Global Investors in Irvington, New York, said in a telephone interview. “It’s a step in the right direction especially because it’s coordinated. These actions may help global growth not to follow Europe into a recession.”
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