U.S. Stocks Rise as Commodities Rally With Oil at 10-Month High
- Bloomberg resources gauge surges into bull market as oil jumps
- Treasuries decline for first time in five days on Yellen talk
Yellen: Developments Abroad Constrained U.S. Growth
U.S. stocks climbed to a seven-month high and the dollar touched a three-week low as Federal Reserve Chair Janet Yellen reiterated her intention to raise rates only gradually once the economy improves. Commodities rallied into a bull market as crude closed at a 10-month high.
The S&P 500 Index closed at the highest level since November, pushing a four-month rally to 15 percent. Emerging-market equities jumped more than 1 percent to a one-month high, while the weaker dollar bolstered demand for resources denominated in the greenback. The Bloomberg Commodity Index capped a 20 percent rally from a January low to meet the definition of a bull market. Treasuries fell for the first time in five days.