U.S. stocks advanced, led by financial and energy companies, as Bank of America Corp. prepared to raise money selling debt and crude oil rose to a six-week high. Bank of America jumped 16 percent after people familiar with the matter said the offering will be backed by the Federal Deposit Insurance Corp. Halliburton Co. and Rowan Cos. rallied more than 5 percent as oil reached $48.27 a barrel. Equities dropped earlier after Warren Buffett said the economy “has fallen off a cliff” and the World Bank predicted a global contraction. The Standard & Poor’s 500 Index climbed 1.1 percent to 690.91 at 10:07 in New York after losing 1 percent. The Dow Jones Industrial Average added 38.95 points, or 0.6 percent, to 6,665.89. Europe’s Dow Jones Stoxx 600 Index pared its retreat, falling 1.1 percent. U.S. stocks last week posted the biggest decline in three months after American International Group Inc. reported a $61.7 billion loss, Buffett said the economy is in “shambles” and concern increased that General Electric Co. will be stripped of its top credit rating. General Motors Corp. sank 36 percent, the most since October, after its auditor said the automaker may not survive.

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