Economics
Stocks, Commodities Rally as Treasuries Retreat on Jobs Growth
This article is for subscribers only.
Stocks surged, extending the best start to a year for the Standard & Poor’s 500 Index since 1987, and Treasuries slid as better-than-forecast growth in U.S. jobs bolstered optimism in the economy. Cocoa, lead and zinc led commodities higher while gold, silver and natural gas fell.
The S&P 500 increased 1.5 percent to 1,344.90 at 4 p.m. in New York and is up 6.9 percent in 2012. Yields on 10-year U.S. Treasury notes climbed 11 basis points to 1.93 percent, the biggest increase since November. The Dollar Index was little changed, erasing earlier gains. Oil rebounded from a six-week low, while gold and silver fell more than 1 percent.