Stocks Gain in U.S., Europe as Commodities Rise Most Since 2009
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Stocks rose, halting the biggest three-day drop in the Standard & Poor’s 500 Index since August, as Japan moved closer to restoring power at a nuclear plant and FedEx Corp. forecast more profit than analysts estimated. Oil jumped as commodities rallied the most since September 2009.
The S&P 500 rose 1.3 percent to 1,273.72 at 4 p.m. in New York and the Stoxx Europe 600 Index gained 1.9 percent. Oil advanced 3.5 percent to $101.42 a barrel in New York and the S&P/GSCI Index of 24 raw materials surged 3.4 percent, the most in 17 months. The yen touched a post-World War II peak of 76.36 per U.S. dollar. Yields on 10-year Treasuries increased eight basis points to 3.25 percent, ending a three-day slide.