U.S. stocks surged, breaking a four- week losing streak for the Standard & Poor’s 500 Index, as Federal Reserve Chairman Ben S. Bernanke indicated the economy isn’t deteriorating enough to warrant any immediate stimulus. Treasuries trimmed gains and the dollar swung to a loss.
The S&P 500 added 1.5 percent to 1,176.80 at 4 p.m. in New York after losing as much as 2 percent. The Stoxx Europe 600 Index lost 0.7 percent, trimming its retreat from 2.7 percent. Yields on Treasury 10-year notes slipped four basis points to 2.19 percent after decreasing 11 points. The Dollar Index lost 0.7 percent after climbing 0.3 percent. Crude added 0.1 percent following a 2.8 percent retreat.
Full story: U.S. stocks jump as Treasuries trim gain