Commodities Begin Bull Market Amid U.S. Drought
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Commodities entered a bull market as grains rallied amid the worst U.S. drought in half a century, while the euro climbed on optimism leaders will make progress taming the debt crisis. The Standard & Poor’s 500 Index failed to remain above a four-year high.
The S&P GSCI gauge of 24 raw materials rose 0.9 percent to 675.55 and has jumped 21 percent from this year’s lowest close on June 21. The euro strengthened 1 percent to a six-week high of $1.2488. Ireland’s nine-year bond yield dropped below 6 percent. Germany’s two-year yield rose above zero for the first time in more than five weeks. The S&P 500 slipped 0.4 percent to 1,413.17 after climbing as high as 1,426.68.