March 16 (Bloomberg) -- Global stocks climbed for a fifth day as the Group of 20 vowed to clean up toxic assets, Federal Reserve Chairman Ben S. Bernanke said the recession may end this year, and Barclays Plc reported a “strong” start to 2009.
Barclays, the U.K.’s third-biggest bank, jumped 17 percent. Citigroup Inc., Bank of America Corp. and JPMorgan Chase & Co., which triggered a record rally in financial shares last week after saying they were profitable in January and February, added at least 1.7 percent. General Electric Co. climbed 5 percent as UBS AG said the chances of more “negative catalysts” are lower. Benchmark U.S. indexes extended gains from the best week since November as Bernanke said the U.S. will avoid a depression.
The S&P 500 Index added 0.9 percent to 763.55 at 9:36 a.m. in New York. The Dow Jones Industrial Average rose 68.73 points, or 1 percent, to 7,292.71. The MSCI World Index increased as benchmark stock gauges from Tokyo to London added at least 1.7 percent. Treasuries, gold and oil fell, while copper rose.
“We are making a lot of progress now,” said Dan Veru, who helps oversee $2.8 billion at Palisade Capital Management in Fort Lee, New Jersey. “The banks are clearly the most critical component to an economic recovery in the United States and the global economy. These are clearly moves in the right direction,” he told Bloomberg Radio, referring to recent comments from Barclays, Bank of America, JPMorgan and Citigroup.
