Oil Surges for a Second Day as Some Calm Returns to Equities
- Crude jumps most in two days since 2009 in rebound above $40
- Markets watch Fed gathering in Jackson Hole for rate clues
Jackson Hole, Jefferies, Munis: What's Moving Markets
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Oil surged, capping the best two-day rally since 2009, while U.S. equity investors found some relative calm in a turbulent week as Federal Reserve officials meet at Jackson Hole.
The Standard & Poor’s 500 Index was little changed after the U.S. benchmark’s biggest rebound since the beginning of the bull market in 2009. Equities trading has been whipsawed by gains and losses this week as markets remain subject to sudden shifts in investor sentiment. Oil climbed more than 6 percent after a 10 percent rally on Thursday.