The
Standard & Poor’s 500 Index capped its strongest two-day rally in
three months, amid speculation central banks around the world will act
to support the global economy even as the Federal Reserve tightens
policy.
The
S&P 500 gained 2 percent to 1,906.88 at 4 p.m. in New York, the
best back-to-back increase since October after turning positive for the
week.
Equities
continued a snap-back from the worst start to a year since 2009,
hammered as oil sank to 12-year lows amid rising supplies and concern
that flagging global growth, particularly in China, will drag on the
U.S. economy. Crude rallied Friday to its biggest two-day advance since
2009.
The
S&P 500 rebounded yesterday from a 21-month low as European Central
Bank President Mario Draghi signaled the potential for more stimulus as
early as March. Sentiment also received a boost overnight from
speculation that the Bank of Japan is considering additional easing.
The
benchmark through Thursday was headed for a fourth weekly decline, and
on Wednesday dipped below a level technical analysts call oversold,
meaning a selloff has gone too far. A rout stoked by concerns about
China’s slowdown and plunging oil wiped off as much as $2.45 trillion
from U.S. equities this year.
Source : Bloomberg
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