Wall Street rises on hope for central bank moves

By Rodrigo Campos, June 19 2012

Traders work at their desks in front of the Dax board at the Frankfurt stock exchange June 18, 2012. REUTERS-Remote-Fabrizio Bensch

(Reuters) – Stocks rallied on Tuesday on hopes that the Federal Reserve’s policy meeting will agree on extending stimulus measures as the economy struggles to recover.

A sharp decline in German business sentiment, alongside stubbornly high Spanish bond yields, raised expectations for market-friendly stimulus from European policymakers as well.

Growth-related stocks led the rally, with the S&P materials sector up 1.7 percent and the financial sector up 1.5 percent. U.S. Steel Corp jumped 5.4 percent to $19.41 and Bank of America added 4.8 percent to $8.13.

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