U.S. stocks climb to four-year high as euro, commodities advance

Yield Watch

German 10-year bonds fell a second day, pushing the yield five basis points higher to 1.55 percent. The rate on similar- maturity U.S. Treasuries rose four basis points to 1.85 percent.

Spain’s two-year note yield fell for a sixth day, dropping 10 basis points as the government sold 4.51 billion euros ($5.6 billion) of bills, meeting its maximum target. Portuguese 10- year bonds advanced, pushing the yield down 35 basis points to 9.25 percent, the lowest since May 2011.

Corn, wheat and Brent crude have led the GSCI commodities gauge rally from the closing low on June 21, surpassing the 20 percent threshold that signals a bull market. Silver, soybeans and cotton climbed more than 2 percent to lead gains among 20 of the index’s 24 commodities today. Crude oil gained 1.3 percent to $97.25 a barrel in New York.

Emerging-market stocks advanced after China injected record funds into its banking system.

The MSCI Emerging Markets Index rose 0.8 percent, the most since Aug. 9. The Shanghai Composite Index gained 0.5 percent. The People’s Bank of China conducted 220 billion yuan ($34.6 billion) of reverse-repurchase operations, the most in a single day, according to a trader at a primary dealer required to bid at the auctions. Benchmark gauges in Russia, India and Taiwan gained at least 1 percent.

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