Stocks Gain on China Economy, U.S. Earnings; Dollar, Yen Drop
This article is for subscribers only.
Stocks rose, sending the benchmark global index to a six-month high, as China announced record currency reserves, the Federal Reserve signaled it will protect the recovery and CSX Corp.’s earnings beat forecasts. A gauge of commodities rose to a two-year high as the dollar and yen fell.
The MSCI World Index gained 1.2 percent at 4 p.m. in New York to the highest level since April 26. The Standard & Poor’s 500 Index climbed 0.7 percent to 1,178.1, the highest close since before the May 6 market crash. The Reuters/Jefferies CRB Index of commodities gained 0.6 percent to the highest level since October 2008. The yen weakened against all but one of its 16 most-traded counterparts and the dollar fell versus 14.