U.S., European Stocks Rally as Treasuries, Dollar Erase Gains
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Stocks surged, sending U.S. benchmark indexes up the most since May, while the dollar and Treasuries slid as growth in American retail sales bolstered optimism in the earnings season and investors speculated European banks will pass stress tests.
The Standard & Poor’s 500 Index extended a two-day rebound from a 10-month low, rallying 3.1 percent to 1,060.27 at 4 p.m. in New York for its best gain since May 27. The Stoxx Europe 600 Index climbed 1.4 percent as Spanish and Italian lenders surged. The Dollar Index lost 0.2 percent to a two-month low of 83.888 and 10-year Treasury yields rose six basis points to 2.99 percent. Oil climbed from a four-week low and copper jumped.