Bulls Emerge in S&P 500 Index's Gain Without Commodities: Chart

Rebounding energy prices and a rush of short-covering weren’t the driving forces behind Tuesday’s U.S. equity gains, a welcome sign to investors looking for bullish conviction. The Standard & Poor’s 500 Index surged as much as 2.2 percent even as the Bloomberg Commodity Index was little changed -- the first time the benchmark has rallied that much in spite of a flat commodity market since Aug. 26, when it jumped 3.9 percent from a 10-month low. Meanwhile, in the seven times this year when the S&P 500 rose at least 1.5 percent, today is the first that a Goldman Sachs Group Inc. index of equities with the highest short interest added less than 0.5 percent. Banks and tech shares led the broader index’s rally.

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