U.S. Stocks Rise as Energy Shares Shrug Off Oil Slump Below $30
- WTI crude's dip to $29.93 a barrel underpins Treasury gains
- China tries to stabilize yuan, buying currency in Hong Kong
Are China Fears Overblown?
U.S. stocks built on their rally, rising for a second day amid speculation the China-fueled selloff that has coursed through global financial markets this year has gone too far. Treasuries climbed as oil dipped below $30 a barrel for the first time in 12 years.
Gains in the Standard & Poor’s 500 Index gathered pace in the last 45 minutes of U.S. trading, led by technology shares as the Nasdaq Composite Index ended its longest losing streak since 2008. Energy companies rallied despite crude’s ongoing declines, with West Texas Intermediate futures settling at $30.44 a barrel after slipping to as low as $29.93. The drop in oil, which has fallen every day this year, fueled losses in other commodities. Yields on 10-year U.S. Treasury notes dropped seven basis points to 2.11 percent.