Stocks Rise as Central Banks Reassure Wall Street

U.S. stocks climbed on Tuesday, bouncing back from last week’s losses, after central banks reassured investors that they will keep  policies designed to foster global growth. Hitting another record close, the Dow Jones Industrial Average gained 106.29 points, or 0.69%, at 15,409.39. The S&P 500 index added 10.46 points, or 0.63%, to 1,660.06. The Nasdaq Composite gained 29.75 points, or 0.86%, to 3,488.89.

On Monday, ECB Executive Board member Joerg Asmussen said the policy would stay as long as necessary. On Tuesday, BOJ board member Ryuzo Miyao said it was vital to keep long- and short-term interest rates stable.

Moody’s Investors Service has raised its outlook for the U.S. banking industry for the first time in five years, citing the improving economy and banks’ stronger balance sheets.

Consumer confidence climbed to the highest level in more than five years and home prices advanced by the most in seven as the housing rebound gives the U.S. economy a lift. The Conference Board’s sentiment index rose to 76.2 in May. The S&P/Case-Shiller index of
property values in 20 cities increased 10.9 percent in the year to March, the biggest 12-month gain since April 2006.

U.S. prosecutors have indicted the operators of digital currency exchange Liberty Reserve, accusing the Costa Rica-based company of  helping criminals around the world launder more than $6 billion in illicit funds linked to everything from child pornography to software for hacking into banks.

Wal-Mart Stores Inc. will pay $81 million after pleading guilty to criminal charges the company dumped hazardous waste across  California, a company spokeswoman said Tuesday.

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