Euro Gains on Debt Auctions as Treasuries, Oil Fall; Stocks Rise

The euro gained as European Central Bank President Mario Draghi said he saw signs of stabilization in the region and yields decreased at Spanish and Italian debt auctions. U.S. stocks rose, erasing early losses. Treasuries fell as a 30-year bond sale drew lower-than-average demand.

The euro added 0.9 percent to $1.2823 at 4:18 p.m. in New York and climbed versus 14 of 16 major peers. The Standard & Poor’s 500 Index advanced 0.2 percent to 1,295.5 and the Dow Jones Industrial Average rose 21.57 points to 12,471.02, five-month highs for both. Ten-year Treasury yields added two basis points to 1.93 percent. Oil sank after Bloomberg News reported a European Union embargo on Iranian imports may be delayed, while corn and wheat slid on forecasts for larger stockpiles.