Stocks Advance, Commodities Snap Three-Day Slump as Oil Rallies
This article is for subscribers only.
Stocks rallied and commodities snapped a three-day slump as U.S. economic data topped estimates and optimism grew European leaders will recapitalize banks. Energy shares helped lead gains as oil surged following an unexpected drop in supplies. Treasuries retreated.
The Standard & Poor’s 500 Index rose 1.8 percent to close at 1,144.03 at 4 p.m. New York time, adding to yesterday’s 2.3 percent surge to mark the biggest two-day gain in a month. The Stoxx Europe 600 Index climbed 3.1 percent, halting a three-day tumble. The S&P GSCI Index of commodities increased 2.8 percent as oil surged 5.3 percent to $79.68 a barrel, rebounding from a