Stocks, Copper, Euro Gain on Europe Optimism; Yen Reaches Record

Stocks advanced, driving U.S. shares to a two-month high, as commodities and the euro rose on speculation Europe is moving closer to resolving its debt crisis and the Federal Reserve may seek further monetary easing. Spain and Italy’s government bonds gained.

The Standard & Poor’s 500 Index added 1.9 percent to 1,238.25 at 4 p.m. New York time, the highest level since Aug. 3. The Stoxx Europe 600 Index climbed 2.5 percent, erasing a weekly loss. Copper futures surged 5.4 percent, the most since June 2009. Oil for December delivery increased 1.6 percent. The euro advanced 0.8 percent, and the yen rose to a post-World War II high versus the dollar of 75.82. Spain’s 10-year debt broke a nine-day losing streak, and the yield on Italian 10-year notes dropped below 6 percent.