by: Rita Nazareth
July 30, 2012
U.S. stocks advanced, after the biggest two-day rally this year in the Standard & Poor’s 500 Index, on bets policy makers will act to ease Europe’s crisis.
Best Buy Co. added 2.1 percent after Bloomberg News reported that founder Richard Schulze has been recruiting executives to help lead the retailer if his attempt to take the company private is successful. JPMorgan Chase & Co. lost 1.7 percent as Deutsche Bank AG cut its recommendation.
About four stocks rose for every three falling on U.S. exchanges at 10:03 a.m. New York time. The S&P 500 gained 0.2 percent to 1,388.70. The Dow Jones Industrial Average advanced 26.94 points, or 0.2 percent, to 13,102.60 today.
“It’s a positive to have indications that they are willing to do things that the market feared they weren’t willing to do before, such as buying bonds,” said Ann Miletti, fund manager for Wells Fargo Advantage Funds in Menomonee Falls, Wisconsin. Her firm manages $201 billion. “Because we’re in this slow growth environment, it’s easy to see the market get pulled in one direction or another.”