U.S. Stocks, Euro Gain on Report of Europe Debt Deal, Earnings
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U.S. stocks surged, led by financial shares, after the Guardian reported that Germany and France will boost the size of the European rescue fund and Bank of America Corp. posted better-than-estimated results. Treasuries fell, while commodities and the euro advanced.
The Standard & Poor’s 500 Index rose 2 percent to 1,225.38 at 4 p.m. New York time, its highest closing level since Aug. 3. The euro strengthened 0.3 percent to $1.3775. Ten-year Treasury notes fell, sending yields up two basis points to 2.18 percent. The S&P GSCI Index of commodities climbed 0.7 percent, recovering from an earlier 1.3 percent slide. Apple Inc. dropped