Commodity Rally Sends Oil Above $101, Helping Stocks Rebound

Commodities climbed for a second day, and gains in energy and metal producers helped the U.S. equity market snap a three-day slump, amid speculation recent price declines were excessive as demand improves. Five-year Treasuries rose as a $35 billion sale drew the strongest demand since 1994.

The Standard & Poor’s GSCI Index of commodities rallied 1.7 percent at 4:18 p.m. in New York. The S&P 500 increased 0.3 percent to 1,320.47, rebounding from a one-month low. The DAX Index of equities reversed losses in Frankfurt as Fitch Ratings said it’s not planning any downgrades of German banks because of Greece’s debt crisis. Five-year Treasury yields slipped two basis point to 1.76 percent. The Dollar Index was little changed after climbing as much as 0.5 percent.