Stocks Gain, Euro Erases Loss as Debt Talks Progress; Oil Slides
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Stocks rallied, the euro erased losses and Treasuries declined as European leaders reached an agreement on plans to recapitalize banks. Oil retreated from a 12-week high following an increase in U.S. supplies.
The Standard & Poor’s 500 Index added 1.1 percent to 1,242.0 at 4 p.m. in New York, recouping about half of yesterday’s 2 percent drop. The euro was little changed at $1.3895 after losing as much as 0.8 percent. Ten-year Treasury yields climbed 10 basis points to 2.21 percent. Oil lost 3.2 percent to $90.20 a barrel, helping lead commodities lower.