Bloomberg U.S. Stocks Rise on Commodities Rally, Europe Support Pledge

U.S. stocks rose, extending a seven- week rally, as gains in commodity producers and a pledge by European finance chiefs to support the region overshadowed lower-than-estimated profit at Citigroup Inc. and concern about Apple Inc.’s leadership.

Alcoa Inc. and Sunoco Inc. rose at least 1.9 percent as the U.S. dollar fell, sending commodity prices higher. Boeing Co. climbed 3.4 percent after pushing back the 787 Dreamliner’s delivery into third quarter, matching some analyst expectations. Citigroup declined 6.4 percent after earnings were hurt by charges related to tightening of the bank’s credit spreads. Apple slumped 2.3 percent as Chief Executive Officer Steve Jobs took a leave of absence for medical reasons.

The Standard & Poor’s 500 Index rose 0.1 percent to 1,295.03, its highest level since Aug. 28, 2008, at 4 p.m. in New York. The Dow Jones Industrial Average rose 50.55 points, or 0.4 percent, to 11,837.93.

“Investors seem to be absorbing the news out of Citigroup and Apple,” said Quincy Krosby, chief market strategist for Newark, New Jersey-based Prudential Financial Inc., which oversees $690 billion. “Economic figures are strong. Earnings, including Apple’s report, are expected to be good. In Europe, finance leaders put a sort of firewall to contain the spread of the debt crisis. We don’t know how long it’s going to last, but it seems to be working. The markets are responding accordingly.”