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Stocks Rebound from Last Week’s Rout, Rise on Portugal Bank Rescue

Stocks rose on Monday, with the S&P 500 rebounding from last week's rout, as companies including Berkshire Hathaway reported earnings that beat expectations and Portugal moved to rescue its largest lender. The Dow Jones Industrial Average closed unofficially 75 points higher, ending a 4-day losing streak. The S&P 500 rose 13 points and the Nasdaq added 31 points. Shares in both Asia and Europe were boosted following the news that Portugal will spend $6.6 billion to rescue the troubled Espiritu Santo bank. Warren Buffett's Berkshire Hathaway gained after reporting better results at units including insurer Geico. Walgreen shares climbed after the drugstore chain said its chief financial officer was leaving the company. The benchmark S&P 500 posted its worst weekly drop in more than two years last week, after payrolls data showed that 209,000 jobs were created in July and the jobless rate rose to 6.2 percent.

Closing Bell Exchange: Friendly Fed 4:32

IN DEPTH

- Kate Gibson