U.S.
stocks advanced with commodities from crude to copper as investors
looked past another rout in Chinese stocks to focus on corporate
earnings and the start of the Federal Reserve’s first policy meeting
since turmoil gripped financial markets.
The
Standard & Poor’s 500 Index extended gains after data showed an
increase in consumer confidence. The Dow Jones Industrial Average jumped
more than 200 points as 3M Co. and Procter & Gamble Co. surged
after reporting results. Treasuries headed for the best monthly gain in a
year on speculation the Fed will signal a patient approach to raising
rates. Stocks in Europe climbed as crude topped $31 a barrel in New
York.
The
S&P 500 climbed 1.1 percent at 12 p.m. in New York, paring the U.S.
benchmark gauge’s monthly decline to 7.1 percent. Apple Inc. is among
23 companies from the index posting results on Tuesday.
The
index has lost more than 8 percent since the Fed raised borrowing costs
last month. The probability of a rate increase this week has stayed low
after the December liftoff, and chances the Fed will raise in March
have fallen to lower than one-in-four from even odds at the start of the
year.
Source: Bloomberg
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