S&P 500 Extends Fed Rally as Oil Rebounds, Yen Gains
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The Standard & Poor’s 500 Index rose a third day, briefly topping its closing record and erasing losses in December, as energy shares surged after oil rebounded. The yen weakened, while metals advanced.
The S&P 500 rose 0.5 percent at 4 p.m. in New York, extending a three-day rally to 5 percent, the most since November 2011. Energy shares in the index paced gains as U.S. oil rallied as much as 5 percent. The Stoxx Europe 600 Index added 0.4 percent for its best week in a year. The yield on 10-year Treasury notes fell three basis points to 2.18 percent. The ruble strengthened to 59.45 a dollar and Japan’s currency declined against all 16 major peers.