Stocks Rise on Boehner Remarks as Treasuries Erase Gains
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U.S. stocks rose, with the Standard & Poor’s 500 Index rebounding from its worst drop in five weeks, as House Speaker John Boehner said he expects to keep working on a budget plan with President Barack Obama. Treasuries erased earlier gains and commodities trimmed losses.
The S&P 500 rose 0.6 percent to 1,443.69 at 4 p.m. in New York after slipping 0.8 percent from a two-month high yesterday. Europe’s benchmark stock index closed little changed. The S&P GSCI Index of commodities was down less than 0.2 percent after losing 0.6 percent earlier. Gold slumped to the lowest since August as quickening U.S. economic growth damped speculation of further monetary stimulus. Ten-year Treasury yields were little changed at 1.80 percent.