Stocks Resume October Rally as Fed Rate Bets Fade, Bonds Drop
- Gold claws back its 2015 losses; emerging-market assets jump
- Citi drives U.S. banking gains on above-estimate earnings
European Stocks Snap Losing Streak
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Global equities resumed their October rebound, with U.S. stocks rising to an eight-week high amid bank earnings and mounting speculation the Federal Reserve will put off raising interest rates until 2016. Treasuries fell, while gold erased its loss for the year.
The Standard & Poor’s 500 Index jumped the most in 10 days with gains in the largest U.S. financial firms leading equities higher after two days of declines. Economic data from Group of 10 nations are trailing analysts’ estimates by the most in four months, fueling bets the Fed won’t pull the trigger until next year on the first rate rise since 2006.