Stocks Rally as Credit Markets Rebound With Crude Ahead of Fed
- U.S. and European shares lead revival in world stock gauge
- Two-year Treasury yields jump to 5-year high on Fed outlook
Stocks Rally Ahead of Fed's Rate Decision
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Global equities climbed, junk-bond funds rallied the most in a year, and the selloff in crude oil abated as investors piled into riskier assets a day before the Federal Reserve is anticipated to end seven years of near-zero interest rates.
The Standard & Poor’s 500 Index capped its first back-to-back gains since Nov. 3, and European equities rallied the most in 10 weeks to drive a gauge of worldwide stocks to their first advance since Dec. 4. Exchange-traded funds that track high-yield corporate debt rebounded, while U.S. crude climbed past $37 a barrel. Yields on two-year Treasury notes climbed to a more-than five-year high, while the dollar extended its advance.