U.S. Stocks Rise for First Time in 2008; JPMorgan, Celgene Gain

(Bloomberg) -- U.S. stocks advanced for the first time this year on speculation the Federal Reserve will cut interest rates to prevent the world's largest economy from sinking into recession.

Citigroup Inc., Bank of America Corp. and JPMorgan Chase & Co., the biggest U.S. banks, climbed. Celgene Corp., a maker of cancer treatments, rose after saying profit will jump 45 percent in 2008. Microsoft Corp. gained after Chairman Bill Gates said the world's biggest software maker shipped 100 million copies of its Windows Vista operating system.

The Standard & Poor's 500 Index advanced 5.35, or 0.4 percent, to 1,416.98 as of 9:36 a.m. in New York. The Dow Jones Industrial Average increased 45.11, or 0.4 percent, to 12,845.29. The Nasdaq Composite Index rose 5.01, or 0.2 percent, to 2,509.66.

 

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