U.S. Stocks Rise on Stimulus Bets While Spain Yields Jump
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Stocks rebounded from yesterday’s slump amid speculation policy makers will do more to stimulate the economy and protect European banks. Spain’s 10-year bond yield touched a euro-era record high as Fitch Ratings downgraded some Spanish lenders.
The Standard & Poor’s 500 Index added 1.2 percent to 1,324.18 at 4 p.m. in New York after tumbling 1.3 percent yesterday. The Stoxx Europe 600 Index rose 0.6 percent. The 10-year Spanish yield increased as much as 33 basis points to 6.83 percent, before trimming gains and trading at 6.71 percent. The S&P GSCI Index of commodities lost 0.2 percent as wheat and corn tumbled more than 2 percent. Ten-year Treasury yields rose eight basis points to 1.66 percent.