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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