Hope for Fed Help Powers U.S. Stocks to Big Gain

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Michael Kors Holdings, a high-end clothing company, rose $2.06, or 5 percent, to $40.24 after reporting that its fourth-quarter profit more than tripled on strong demand grew for its luxury clothing and accessories.

The company also boosted its earnings forecast for the quarter and the year. Luxury spending has recovered from the recession faster than other consumer spending. Stocks of other upscale retailers, like Nordstrom, also rose.

Among other stocks making big moves:

— VeriFone Systems, an electronic payments company, fell $2.02, or 6 percent, to $31.92. A jury ruled against it last week in a patent dispute, and VeriFone said late Monday that it was booking $18 million in expenses.

— A123 Systems, which makes batteries for electric cars, jumped 54 cents, or 52 percent, to $1.58 after saying it had developed new lithium ion technology capable of operating in extreme heat or cold. Heat generated by powerful next-generation batteries is one of the biggest hurdles in developing cars that do not use fossil fuels.

— Textron, which makes planes, rose 94 cents, or 4 percent, to $24.52, one of the biggest gains in the S&P 500. Business jet operator NetJets said it plans to spend up to $9.6 billion on planes from Textron's Cessna unit and from Bombardier.

— First Solar, the world's largest maker of a type of solar panel, rose $2.62, or 21.2 percent, to $14.95. It reported strong demand from Europe and will delay the closing of a German plant.

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AP Business Writer Christina Rexrode in New York contributed to this report.

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