Stocks, Commodities Gain on U.S. Budget; Treasuries Fall
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Stocks rallied, sending the Standard & Poor’s 500 Index to a two-month high, and commodities gained on signs of progress in U.S. budget talks. Thirty-year Treasury yields climbed to a three-month high.
The S&P 500 advanced 1.1 percent to 1,446.79 at 4 p.m. in New York, with trading volume 21 percent higher than the 30-day average. Treasury 10-year yields increased six basis points to 3 percent and reached 3.03 percent, the highest since Sept. 17. The S&P GSCI Index of raw materials rose 0.5 percent as energy commodities led gains before U.S. supply data tomorrow. The yen traded near a 20-month low versus the dollar, while Sweden’s krona appreciated against 15 of 16 major peers on speculation the Riksbank is done cutting interest rates.