U.S. Stocks, Commodities Gain on Draghi Pledge as Euro Advances

U.S. stocks snapped four days of losses and commodities rallied after European Central Bank President Mario Draghi pledged to preserve the euro. The 17-nation currency strengthened against the dollar by the most in almost a month.

The Standard & Poor’s 500 Index climbed 1.7 percent at 4 p.m. in New York for the biggest gain in almost two weeks. S&P 500 futures added 0.1 percent as of 5:38 p.m. The Stoxx Europe 600 Index jumped 2.5 percent. The euro appreciated 1 percent to $1.2282 as the dollar weakened against 15 of its 16 major peers. The S&P GSCI gauge of 24 raw materials rose 0.2 percent and oil advanced for a third day. Spain’s 10-year bond yield tumbled 45 basis points to 6.93 percent after reaching the highest in the euro era yesterday.