Bank of America, United Technologies: Dow Movers
NEW YORK (TheStreet) -- U.S. stocks staged a major rally on Friday as Europe's leaders took steps to address the region's debt crisis by moving to lower borrowing costs for Italy and Spain and hammering out a $149 billion stimulus plan.
The Dow Jones Industrial Average soared nearly 278 points, or 2.2%, to close at 12,880. The blue-chip index rose 1.9% for the week and finished June with a gain of nearly 4%. Despite a 2.5% decline in the calendar second quarter, the Dow is up 5.4% so far in 2012.
Breadth within the Dow was overwhelmingly positive with 29 of the 30 components finishing higher. The biggest percentage gainers were Bank of America (BAC), Cisco (CSCO), Intel (INTC), and United Technologies (UTX).
Shares of Bank of America gained 5.68% to $8.18. The bank's stock has risen 47.3% year to date.United Technologies' stock increased 3.99% to $75.50, rebounding from Thursday's performance when the stock was among the biggest laggards in the Dow. The stock has risen 3.27% year to date. Cisco shares rose 4.19% to $17.17. The stock has fallen 5.2% year to date. JPMorgan Chase (JPM) was the only blue chip on the downside, losing 15 cents to close at $37.53. The decline extended a 2%-plus drop on Thursday following a New York Times report that the bank's loss on bad trade involving credit derivatives could ultimately reach $9 billion. Previous reports had estimate the bank's maximum exposure at $5 billion. --Written by Alexandra Zendrian in New York.
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