U.S. stocks advance, following the biggest selloff in about a year for the Dow Jones Industrial Average, as JPMorgan Chase & Co. paced a rally in financial shares and government data showed a decline in jobless claims.
JPMorgan gained 2.5 percent after saying the Federal Reserve allowed its proposal to buy back as much as $3 billion in common equity during next yearâ€™s first quarter. Qualcomm Inc. (QCOM), the largest seller of mobile-phone semiconductors, climbed 7.5 percent after forecasting sales and profit that topped estimates. Activision Blizzard Inc. (ATVI), the largest U.S. video-game maker, jumped 1.1 percent as earnings beat forecasts.
The Standard & Poorâ€™s 500 Index rose 0.4 percent to 1,400.28 at 9:48 a.m. New York time. The Dow added 41.47 points, or 0.3 percent, to 12,974.20. Trading in S&P 500 companies was 13 percent above the 30-day average at this time of day.