Global stocks surged, with the Standard & Poor’s 500 Index posting its biggest two-day climb in more than three years, as the Federal Reserve pledging patience on interest rates bolstered sentiment amid concern over the global outlook. Treasuries sank and crude oil resumed its selloff.
The S&P 500 jumped 2.4 percent by 4 p.m. in New York, capping a two-day gain of 4.5 percent, the most since November 2011. A Bloomberg gauge of the dollar versus major peers touched a more-than five year high as 10-year Treasuries suffered their biggest drop in 17 months. West Texas Intermediate oil sank 4.2 percent. The Stoxx Europe 600 Index soared the most since 2011, Dubai stocks rose the most on record and Russia’s Micex index advanced. The MSCI All-Country World Index of global shares climbed 2 percent to cap its best two days since September 2012.