Economics
Stocks Advance, Treasuries Retreat on Bernanke, Economy
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Stocks and commodities surged while Treasuries retreated after Federal Reserve Chairman Ben S. Bernanke pledged to safeguard the recovery and economic growth slowed less than estimated in the second quarter.
The Standard & Poor’s 500 Index rose 1.7 percent to 1,064.59 at the 4 p.m. close in New York, paring its third straight weekly decline to less than 0.7 percent. Ten-year Treasury yields, which slid to a 17-month low this week, surged 17 basis points to 2.65 percent. Oil rose for a third day, helping send the Reuters/Jefferies CRB Index of commodities up