Commodities Rally on Gas as S&P 500 Rises Amid Earnings

By Lu Wang and Jeff Sutherland

January 22, 2014 at 9:42 PM UTC

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Commodities climbed the most in two months as crude oil and natural gas surged amid frigid weather along the U.S. East Coast. Emerging-market stocks rose for the first time in five days while the Standard & Poor’s 500 Index gained for a second session as companies posted earnings.

The S&P GSCI Index of 24 commodities jumped 1.1 percent by 4:42 p.m. in New York, the steepest gain since November. Gas climbed to the highest level in more than two years and West Texas Intermediate oil increased a third day. The S&P 500 Index added 0.1 percent while Netflix Inc. and EBay Inc. surged in after-hours trade after issuing results. The MSCI Emerging Markets Index rose 0.6 percent, with shares in Shanghai rising 2.2 percent after China’s money-market rates extended declines.