Global stocks lead a rally back
The Standard & Poor’s 500-stock index capped its best week of 2015 with the year’s worst performers, energy producers and miners, leading the way.
Global stocks have been staging a comeback in the wake of their worst quarter since 2011 as signs of an uneven recovery in the U.S. job market andd ata signaling slowing growth from China to Germany heighten speculation the Federal Reserve won’t raise interest rates until next year.
“None of the problems from over the summer can be fixed quickly,” said John Stoltzfus, chief market strategist at Oppenheimer & Co. “The main thing is they’re being addressed and that’s what the market is looking at.”
The S&P 500 climbed 3.3 percent to 2,014.89 in the five days, its first closing foray above the 2,000 level since an August selloff that sent stocks into a correction. The Dow Jones industrial average added 612.12 points, or 3.7 percent, to 17,084.49.
The Chicago Board Options Exchange Volatility Index lost 18 percent for the week, the most since July. The measure of market turbulence known as the VIX has dropped for nine straight days, the longest stretch in four years.
The U.S. Treasury is scheduled to sell $20billion in three-month bills and $20 billion in six-month bills Monday. They yielded 0.005 and 0.085 percent in when-issued trading. The government will sell four-week bills and $10 billion in 52-week bills Tuesday.