S&P 500 Climbs to Four-Month High While Commodities Rally

Stocks jumped, sending the Standard & Poor’s 500 Index to the highest level in four months, as Cisco Systems Inc.’s sales topped estimates, U.S. building permits surged and speculation grew that Spain will get a bailout. Commodities rallied and the euro strengthened.

The S&P 500 rose 0.7 percent to 1,415.51 at 4 p.m. in New York, its highest closing level since April 2. Wheat jumped 1.8 percent and oil topped $95 a barrel for the first time in three months to lead the S&P GSCI Index of commodities to the highest level since May. The euro added 0.6 percent to $1.2357, halting a two-day slump. Spain’s bonds climbed and the IBEX-35 stock index surged 4.1 percent on bets a bailout will pave the way for policy makers to buy the nation’s debt.