U.S. stocks climbed for the first time in three days on speculation the European Central Bank’s injection of $500 billion into the financial system will help the economy withstand a deteriorating housing market.
General Motors Corp., the biggest automaker, Excelon Corp., the largest operator of U.S. nuclear plants, and Hess Corp., the fifth-biggest energy company, led gains by all 10 Standard & Poor’s 500 Index industries. Fannie Mae and Freddie Mac, the two largest providers of funds for home loans, had the biggest and fourth-biggest advances in the gauge.
The S&P 500 gained 9.08, or 0.6 percent, to 1,454.98. The Dow Jones Industrial Average added 65.27, or 0.5 percent, to 13,232.47. The Nasdaq Composite Index increased 21.57, or 0.8 percent, to 2,596.03. About 14 stocks rose for every five that dropped on the New York Stock Exchange. [MORE]