The
Standard & Poor’s 500 Index capped its first back-to-back gains in
more than a month as energy companies led a rally with crude oil, while
Federal Reserve officials started a two-day meeting at which they are
widely expected raise interest rates for the first time since 2006.
Chevron
Corp. and Exxon Mobil Corp. gained more than 3.8 percent, taking their
two-day advances to more than 6.8 percent. Financial shares increased as
concern over turmoil in high-yield bonds abated, and banks rallied the
most in seven weeks on the eve of what most believe will be the end of
the Fed’s zero interest rate policy.
The S&P 500 climbed 1.1 percent to 2,043.41 at 4 p.m. in New York, marking its first consecutive advances since Nov. 3.
Prospects
for the first U.S. rate increase since 2006 and a deepening oil rout
had sparked a selloff in riskier assets in December. The S&P 500’s
1.8 percent decline is bucking the historical trend of gains in the
final month, with the equity gauge is on track for its worst December in
13 years and the biggest annual drop since 2008. It has slipped 4.1
percent since a May record.
Source: Bloomberg
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