Stocks Rally as Europe Concern Fades; Gold, Italy Yields Fall

Stocks rose, sending the Standard & Poor’s 500 Index to a record close, as concern over Europe’s debt crisis eased and U.S. factory orders topped forecasts. Gold fell and Italian and Spanish bond yields slid.

The Standard & Poor’s 500 Index climbed 0.5 percent at 4 p.m. in New York. The Stoxx Europe 600 Index jumped 1.3 percent, the most in almost a month. The Cyprus General Market Index lost