U.S. stocks rallied Monday, notching their best session in more than two months, on upbeat housing data and increasing confidence that a U.S. budget deal would be reached.
“It is quite clear both sides want to come to a compromise and that a reasonable compromise is available,” said David Kelly, chief global strategist at JPMorgan Funds, about efforts to avoid automatic tax increases and spending cuts scheduled for January.
Intel Corp. shares climbed 0.3 percent after the semiconductor manufacturer and Dow component said Chief Executive Paul Otellini would retire in May after nearly 40 years with the company. The U.S. dollar fell against other global currencies as commodities rallied.
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