U.S. Stocks Rally While Emerging Market Shares Sink With Metals
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The Standard & Poor’s 500 Index rose, reversing a drop of more than 1 percent amid mounting speculation Greece’s crisis will be contained. Emerging-market equities tumbled amid ongoing losses in China and a selloff in commodities, while the dollar strengthened.
The S&P 500 was up 0.6 percent by 4 p.m. in New York, rebounding from a retreat below its 200-day moving average. The Stoxx Europe 600 Index fell 1.6 percent, while the MSCI Emerging Markets Index sank 1.4 percent as crude oil to industrial metals dropped on concern Chinese demand is waning. The Bloomberg Dollar Spot Index rose 0.4 percent. Yields on 10-year Treasury notes declined three basis points to 2.26 percent, extending Monday’s 10 basis-point retreat.