U.S. Stocks, Commodities Gain After Jobs Data; Treasuries Drop

U.S. stocks rallied to the highest level since May, commodities gained and Treasuries declined as American payrolls climbed more than forecast. Italian and Spanish notes jumped as German coalition politicians signaled support of the European Central Bank’s bond-buying plan.

The Standard & Poor’s 500 Index increased 1.9 percent to 1,390.99 at 4 p.m. in New York. The Stoxx Europe 600 Index jumped 2.4 percent. Ten-year Treasury yields added nine basis points to 1.57 percent, while Italian two-year debt sank 61 basis points to 3.13 percent. S&P’s GSCI Commodity Index advanced 2.8 percent, its biggest gain in a month. The dollar weakened against most major counterparts and a gauge of U.S. corporate debt fell the most in a week.