U.S. Stocks Advance as Consumer Stocks Rally

U.S. stocks rebounded after a three-day slump for the Standard & Poor’s 500 Index, as new-home sales climbed to a six-year high and health-care shares rallied with producers of consumer staples.

Bed Bath & Beyond Inc. added 7.4 percent after posting quarterly profit and sales that topped analysts’ estimates. Wal-Mart Stores Inc. jumped 2 percent after reaching a deal to offer checking accounts to its customers. Citizens Financial Group Inc. gained 7.4 percent in its debut after raising $3 billion in an initial public offering. Health-care stocks rallied the most in the equity benchmark amid signs efforts to curtail tax-friendly overseas deals might fall short.

The S&P 500 (SPX) advanced 0.8 percent to 1,998.30 at 4 p.m. in New York, the most since Aug. 18. The Dow Jones Industrial Average climbed 154.19 points, or 0.9 percent, to 17,210.06. About 6.1 billion changed hands on U.S. exchanges today, 7.2 percent above the three-month average.

Bloomberg

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