March 17 (Bloomberg) -- U.S. stocks advanced, erasing more than half the loss in the Standard & Poor’s 500 Index since President Barack Obama took office, on an unexpected rebound in homebuilding and speculation the Federal Reserve will outline plans to bolster the economy. Oil climbed to a three-month high.Citigroup Inc. and JPMorgan Chase & Co. rose at least 7.7 percent as the KBW Bank Index extended its gain since March 6 to 46 percent. KB Home, the fourth-largest U.S. homebuilder, rallied 9.3 percent and Home Depot Inc. rose 6.7 percent as housing starts unexpectedly increased 22 percent in February, the most since 1990. Apple Inc. added 4.4 percent to help lead technology shares higher after updating its iPhone software.
The S&P 500 added 3.2 percent to 778.12, led by a 6.6 percent gain in financial companies. The Dow Jones Industrial Average advanced 178.73 points, or 2.5 percent, to 7,395.7. The Nasdaq Composite Index surged 4.1 percent. About eight stocks rose for each that fell on the New York Stock Exchange.
“The market was depressed to an extreme level because of the constant stream of bad news and events,” said Mark Freeman, a money manager at Westwood Management Corp. in Dallas, which oversees $7 billion. “The mere fact that the negative news has stopped allows the market to come back up to a reasonable level.” moew...
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