Stocks, Commodities Rise as Budget Talks Whipsaw Markets
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U.S. stocks climbed for a second day in a whipsaw session amid improving economic data and optimism that lawmakers will reach an agreement on the budget. Commodities gained, while Treasuries remained higher following a $29 billion auction.
The Standard & Poor’s 500 Index closed up 0.4 percent at 1,415.95 as of 4 p.m. in New York after earlier erasing gains as Republican House Speaker John Boehner said no progress was being made in budget talks. The Stoxx Europe 600 Index surged 1.2 percent to close at the highest level since June 2011. Treasury 10-year yields fell one basis point to 1.62 percent, a fourth straight decline. The S&P GSCI Index of 24 commodities rallied 1 percent as industrial metals led gains.