Treasuries Tumble as Dollar Gains With Crude; Stocks Edge Higher
- S&P 500 pares advance in final hour of trading amid earnings
- Oil surges past $42.50 a barrel, aluminum leads metals higher
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U.S. stocks pared an advance that took the Standard & Poor’s 500 Index to a five-month high, while Treasuries tumbled and the dollar rose the most in a week versus the euro. Crude rallied to the highest since November as American production dropped.
The S&P 500 almost erased all of a 0.5 percent advance in the final hour of trading, holding above 2,100 to close at a four-month high. Crude staged a rally of more than 5 percent from its intraday lows to close at the highest level since November. The yield on 10-year Treasury notes jumped by the most in almost two months as inflation bets climbed. Argentina’s bonds rallied, signaling strong demand. The dollar rose from a nine-month low. Yen-denominated contracts on the Nikkei 225 Stock Average added 1.2 percent on the Chicago Mercantile Exchange at 5:07 p.m. New York time.