Bloomberg News

Stocks Advance on Report EU Looking to Coordinate Bank Rescue

October 04, 2011

Oct. 4 (Bloomberg) -- U.S. stocks rose, erasing earlier losses, following a report that European Union officials were examining ways to coordinate the recapitalization of struggling banks and valuations at the cheapest level since 2009 lured investors.

The S&P 500 climbed 0.5 percent to 1,104.76 at 3:41 p.m. in New York after plunging as much as 2.2 percent to below 1,090.888, a level that would mark a 20 percent bear-market drop from a three-year high on April 29. The index started the session trading at 12 times its companies reported earnings, the cheapest in 30 months.

The Financial Times quoted Olli Rehn, European commissioner for economic affairs, as saying there is an “increasingly shared view” that the region needs a coordinate approach to halt the sovereign debt crisis.

--Editor:

To contact the editor responsible for this story: Michael P. Regan at mregan12@bloomberg.net


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