Brazil Host 2016 Olympics :

Brazil Stocks Soar on this News: 

The Euphoria in Brazilian stocks gained the most in almost a month after investors bought shares of retailers, steelmakers and transportation companies that will benefit from the 2016 Olympics.

Brazil’s planned $11 billion in infrastructure spending for Rio de Janeiro’s 2016 Olympic Games spurred gains of more than 3 percent for steelmaker Gerdau SA, electric company Light SA and Dufry South America Ltd., a duty-free retailer in Brazilian airports. Vale SA, the world’s biggest iron ore miner, advanced 1.5 percent after Bank of America Corp. said earnings growth may top estimates as consumer spending grows and corporate- financing costs drop.