U.S. Stocks Gain After Budget Talks While Oil Rallies
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U.S. stocks rose, trimming a weekly slump, as House Speaker John Boehner said budget talks with President Barack Obama were constructive and he would accept an increase in government revenue if coupled with spending cuts. Commodities climbed and Treasuries pared an earlier advance.
The Standard & Poor’s 500 Index increased 0.5 percent to close at 1,359.88 at 4 p.m. in New York, rebounding from its lowest level since July. The Stoxx Europe 600 Index ended down 1 percent at the lowest since August. Oil added 1.4 percent as conflict escalated in Israel. Treasury 10-year yields fell 1.4 basis points to 1.58 percent. Japan’s Topix Index had its best two-day gain in 19 months on speculation of monetary easing.