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U.S. Stocks Rebound as Jobs Data Weakens Dollar; Bonds Rally

  • 10-year rate plunges past 2% for first time since August
  • S&P 500 reverses 1.5% morning rout to close higher by 1.4%
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U.S. Adds 142,000 Jobs in Sept., Jobless Rate 5.1%

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U.S. stocks staged the biggest intraday turnaround from a loss of more than 1.5 percent in four years, as a weakening dollar fueled a rally in commodity producers. Treasuries surged on speculation the Federal Reserve will keep rates lower for longer after a disappointing jobs report.

The Standard & Poor’s 500 Index’s rebound from a 1.6 percent slide to a gain of 1.4 percent was its biggest since October 2011. The gauge has fallen at least 1 percent only to close higher by more than 1 percent on just 45 occasions since October 1985. Energy and raw-materials producers surged as commodities from oil to gold rallied. The yield on 10-year Treasuries sank below 2 percent for the first time since August, while a dollar gauge weakened to a two-week low.