U.S. Stocks Rise on Europe as Earnings Beat Analysts’ Estimates
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U.S. stocks rose, sending the Standard & Poor’s 500 Index to a three-month high, as German Chancellor Angela Merkel’s government backed the European Central Bank’s bond-buying plan and earnings beat forecasts.
Hewlett-Packard Co., Bank of America Corp. and Caterpillar Inc. increased at least 1.5 percent. Cognizant Technology Solutions Corp., a provider of consulting and outsourcing services, climbed 11 percent after raising its forecast. Best Buy Co. surged 13 percent after founder Richard Schulze offered to take the electronics retailer private at $24 to $26 a share. Knight Capital Group Inc., the firm driven to the brink of bankruptcy by trading losses last week, tumbled 24 percent.