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US Stocks See Biggest Weekly Gain Since 1974

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U.S. stocks rose, capping the biggest weekly gain since 1974, after JPMorgan Chase & Co. took steps to end the housing crisis, bank lending rates declined and earnings from companies outside the financial industry expanded four times faster than the previous quarter.

JPMorgan added 9.7 percent after saying it will modify terms on $110 billion of mortgages and delay foreclosures. Morgan Stanley climbed 8.6 percent after the cost of borrowing dollars for three months fell. Wynn Resorts Ltd., the biggest U.S. casino company, soared 30 percent after increased gambling in Macau boosted profit.

Read the whole story at Bloomberg