Oil Rally Boosts U.S. Stocks Before Fed; Emerging Assets Rally
- Fed meeting starts with 2-year Treasury yields near 2011 high
- Lackluster household prices data sinks dollar with euro
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Oil’s best rally in two weeks, sparked by a drop in American stockpiles, pushed U.S. stocks to a four-week high as Federal Reserve officials began a two-day meeting over interest-rate policy. Emerging-nation assets rallied as equity gains in China bolstered sentiment.
The Standard & Poor’s 500 Index capped a second day of gains as energy producers drove its advance. Shares in developing markets climbed to the highest level this month and currencies from Russia to Brazil strengthened amid easing concern over market turmoil in China. Treasuries held Tuesday’s losses, while the dollar slumped.