U.S. Stocks Gain on Earnings, Confidence Data; Bonds Fall
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U.S. stocks rallied, pushing the Standard & Poor’s 500 Index to within 1.5 percent of a record, after corporate results topped estimates and consumer confidence surged as Federal Reserve officials start a two-day meeting. The dollar retreated with Treasuries.
The S&P 500 Index rose 1.2 percent to a one-month high at 4 p.m. in New York, while the Russell 2000 Index of small companies surged 2.9 percent for its best day since June 2012. The Stoxx Europe 600 Index climbed 1 percent after two days of losses. Emerging market shares surged the most in 11 months as Brazil rebounded. Benchmark 10-year note yields rose three basis points to 2.28 percent. Copper added 0.9 percent. The Bloomberg Dollar Spot Index dropped 0.3 percent.