Stocks Close Up, S&P Scores Record High

U.S. stocks rose on Wednesday, with the S&P 500 climbing to an all-time closing high after strong earnings from
Bank of America and data signaled that the economy was improving. The S&P 500 rose 9.50 points, or 0.52%, to
finish at 1,848.38. The Dow Jones Industrial Average gained 108.08 points, or 0.66%, to end at 16,481.94, while
the Nasdaq Composite jumped 31.87 points, or 0.76%, to 4,214.88.

Bank of America Corp (NYS:BAC) reported a stronger-than-expected quarterly profit, driven by a steep fall in
mortgage losses and provisions to cover bad loans.

The International Monetary Fund expects global growth to pick up this year, though deflation is a “rising risk” as
long as economic growth stays below what policy-makers believe is optimal, the head of the Fund said on Wednesday.

Party leaders pushed a massive $1.1 trillion spending bill for this year through the House on Wednesday, shunning
the turmoil of recent budget clashes with a compromise financing everything from airports to war costs and
brimming with victories and concessions for both parties.

J.C. Penney Co Inc said on Wednesday it will close 33 underperforming stores and cut 2,000 jobs as part of its
turnaround. The closings will generate cost savings of $65 million per year, beginning in 2014. Penney expects
estimated pretax charges of about $26 million in the current quarter.