S&P 500 Index Is Poised for Best January in 15 Years Amid EU Fiscal Accord

U.S. stocks rose, sending the Standard & Poor’s 500 Index toward its best January in 15 years, as most countries in Europe agreed to tighter budget controls and Greece made progress on debt talks.

Bank of America Corp. and Morgan Stanley (MS) increased at least 1.3 percent, following gains in European lenders.

Eli Lilly & Co. rallied 1.2 percent as the drugmaker’s profit beat projections.

Archer Daniels Midland Co., the world’s largest grain processor, slumped 3.2 percent amid disappointing results.

The S&P 500 added 0.4 percent to 1,318.20 at 9:46 a.m. New York time.

The Dow Jones Industrial Average rose 37.09 points, or 0.3 percent, to 12,690.81.

“We’re moving closer to relief from the European problem becoming one of catastrophe,” Mark Luschini, chief investment strategist at Philadelphia-based Janney Montgomery Scott LLC, which manages $54 billion, said in a telephone interview.

“The market is recognizing that European officials are working towards solutions. As more of that fades, what takes prominence is the fact that the U.S. economy continues to remain positive and the corporate picture remains pretty decent.”

From: Bloomberg