U.S. Stocks Track Chinese Rebound as Oil Slips Amid Output Deal
- Shanghai stocks rise after credit measure surges to record
- Disappointment as Saudi-Russia deal keeps production as is
Russia, Saudi Arabia Freeze Oil Production: What’s Next?
U.S. stocks capped their steepest two-day gain since August following a bounce back in Chinese equities. Crude retreated amid bets that a pledge by the world’s two largest oil producers to freeze output won’t succeed in tackling the global surplus.
The Standard & Poor’s 500 Index climbed a second session as U.S. markets resumed after a holiday, with the Shanghai Composite Index jumping the most in three months after data showed Chinese banks issued a record amount of loans. U.S. crude fell to $29.04 a barrel after an agreement by Saudi Arabia and Russia to fix production at January levels fell short of market speculation that they’d cut output. Treasuries fell as Apple Inc. led a resurgence in U.S. corporate bond offerings that diverted demand from government securities.