Stocks, Commodities, Euro Gain on Spain Bailout Optimism
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Global stocks jumped the most in a month amid better-than-forecast U.S. earnings and industrial production, while the euro and Spanish bonds gained as two German lawmakers said the country is open to Spain seeking a precautionary credit line.
The MSCI All-Country World Index added 1.3 percent at 4 p.m. in New York as benchmark gauges in Spain and Italy surged at least 2.5 percent. The Standard & Poor’s 500 Index rallied 1 percent as Johnson & Johnson and Mattel Inc. advanced after reporting earnings, while Citigroup Inc. climbed as Vikram Pandit stepped down as chief executive officer. The euro rose 0.8 percent to $1.3054, while the dollar weakened versus 11 of 16 major peers. Cocoa and copper led commodities higher.