Stocks Rise on ECB Speculation as Spain, Italy Notes Gain
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Stocks rose and the euro climbed as German Chancellor Angela Merkel’s government backed the European Central Bank’s bond-buying plan. Spanish and Italian notes increased, while commodities reversed declines.
The Standard & Poor’s 500 Index rose 0.2 percent to 1,394.29 at 4 p.m. in New York, and the Stoxx Europe 600 Index added 0.5 percent. The German 10-year bund yield slid three basis points, while the Spanish two-year rate lost 46 basis points. The euro climbed 0.1 percent to $1.2396, erasing earlier losses. Knight Capital Group Inc., the firm driven to the brink of bankruptcy by trading losses last week, tumbled 24 percent. Crude oil increased 0.9 percent to a two-week high.