U.S. stocks rose, with the Standard & Poor’s 500 Index recovering from a 21-month low, as investors weighed the potential for additional stimulus measures amid uncertain prospects for global growth.
Chevron Corp. climbed 2.6 percent and Home Depot Inc. surged 4.2 percent as energy and consumer discretionary companies paced the rebound from yesterday’s selloff. Banks also bounced, with Wells Fargo & Co. up 2 percent. Verizon Communications Inc. gained 3.5 percent after its profit beat estimates. Union Pacific Corp. fell 4.9 percent after its earnings missed forecasts.
The S&P 500 rallied 1.4 percent to 1,885.51 at 12:13 p.m. in New York, after falling 1.2 percent yesterday to the lowest since April 2014. The Dow Jones Industrial Average gained 239.93 points, or 1.5 percent, to 16,006.67, and the Nasdaq Composite Index added 1.2 percent. Trading in S&P 500 shares was 43 percent above the 30-day average for this time of day.