Stocks, Commodities Gain on Europe Optimism as Treasuries Drop
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Stocks rallied, rebounding from last week’s slump, and Treasuries retreated as European officials discussed plans to tame the region’s debt crisis. Commodities reversed losses and the Dollar Index declined.
The Standard & Poor’s 500 Index jumped 2.3 percent to close at 1,162.95 at 4 p.m. New York time. Ten-year U.S. Treasury note yields added six basis points to 1.90 percent, rising from near a record low. The S&P GSCI Index of commodities gained 0.2 percent, erasing an earlier drop of 2.6 percent, as oil halted a three-day slump. The Dollar Index lost 0.5 percent, while the euro fell against 12 of 16 major peers.