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U.S. Stocks Rally With Emerging-Market Assets as Crude Tops $34

  • S&P 500 extends climb after factory, construction data
  • Treasuries retreat with yen as demand for havens wanes
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Stocks Rebound, Still a Case for Bear Market?

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U.S. stocks rallied to a seven-week high after data indicated manufacturing in the world’s largest economy may be stabilizing, while optimism that central banks from Asia to Europe will add to stimulus supported emerging-market currencies and commodities.

The Dow Jones Industrial Average surged more than 340 points, while the Standard & Poor’s 500 Index rebounded from a two-day drop, climbing back to a level last seen at the start of the year. A gauge of emerging-market shares advanced the most since Feb. 15 as the ruble and Brazil’s real strengthened. Yields on 10-year Treasury notes jumped nine basis points to 1.83 percent, while gold fell following its steepest monthly rally since 2012. Crude topped $34 a barrel in New York, while the yen pared back some gains.