US stocks advanced Friday as European Union leaders agreed on measures to address the region's sovereign debt crisis, while US consumer confidence rose to its highest level in six months. "Nothing really concrete has come out of that meeting yet, so it is a little surprising that we are seeing as much of an upturn as we have seen," said Peter Jankovskis, co-chief investment officer at OakBrook Investments in Lisle, Illinois.
Banks, which have been pressured by the uncertainty over Europe, rallied after the summit. Bank of America Corp rose 3.4 percent to $5.78, while J.P. Morgan Chase & Co added 2.4 percent to $32.99. The Financial Select Sector SPDR rose 2.4 percent. The Dow Jones industrial average gained 160.33 points, or 1.34 percent, to 12,158.03. The Standard & Poor's 500 Index rose 17.92 points, or 1.45 percent, to 1,252.27. The Nasdaq Composite Index added 38.70 points, or 1.49 percent, to 2,635.08.
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