Stocks rallied as
investors piled into risk assets, sending emerging-market currencies and
shares higher after a weakening yuan triggered losses in Asian markets.
Crude rose to above $30 a barrel.
The Standard &
Poor’s 500 Index climbed for a third day, headed for its longest winning
streak of the year, as the benchmark continued to rebound from the
lowest level in 22 months last week. Shares in Europe rose as companies
including Credit Agricole SA reported better-than-estimated results.
This year’s beaten-down sectors -- banks, energy and consumer shares --
led a recovery after global equities sank into a bear market last week.
Emerging market currencies and stocks also gained, as oil prices
extended a rebound in afternoon trading. Treasuries retreated as haven
demand cooled.
Global equities
tumbled into a bear market last week, after attempts by central banks to
quell volatility this year have had mixed success as investors grappled
with concern China’s slowdown will deepen. Minutes of the Federal
Reserve’s most recent meeting, where officials indicated they were
monitoring turmoil in markets, are due Wednesday. Chair Janet Yellen has
also indicated the global turbulence may delay further tightening of
U.S. monetary policy.
The S&P 500 added
1.7 percent to 1,927.50 at 1:04 p.m. in New York. Index futures held
gains even after a report showed new-home construction cooled in
January. Separate data showed manufacturing output rose last month by
the most since July 2015, while wholesale prices in the U.S.
unexpectedly increased in January.
Source: Bloomberg
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