U.S. Stocks Advance as Consumer Stocks Rally Amid Data
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U.S. stocks rebounded after a three-day slump for the Standard & Poor’s 500 Index, as new-home sales climbed to a six-year high and health-care shares rallied with producers of consumer staples.
Bed Bath & Beyond Inc. added 7.4 percent after posting quarterly profit and sales that topped analysts’ estimates. Wal-Mart Stores Inc. jumped 2 percent after reaching a deal to offer checking accounts to its customers. Citizens Financial Group Inc. gained 7.4 percent in its debut after raising $3 billion in an initial public offering. Health-care stocks rallied the most in the equity benchmark amid signs efforts to curtail tax-friendly overseas deals might fall short.