U.S. Stocks Erase Losses as Crude Rebounds; Ruble Weakens
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U.S. stocks erased losses, with the Standard & Poor’s 500 Index closing higher for a second day, as crude rebounded from an eight-month low amid an escalation of geopolitical tensions. Commodities sank to a four-year low.
The S&P 500 climbed 0.1 percent at 4 p.m. in New York, reversing an earlier decline of 0.5 percent. Energy producers rose after U.S. oil jumped 1.3 percent. Treasury 10-year notes were little changed after reversing gains. The MSCI Emerging Markets Index sank a sixth straight day, as the ruble weakened to a record low. The Bloomberg Commodity Index sank to a five-year low as corn and soybean futures tumbled.