U.S. stocks rallied, sending benchmark indexes to 13-month highs, and commodities gained as retail sales rebounded and Asian government leaders pledged to maintain economic stimulus spending. The dollar fell to a 15- month low and Treasury two-year yields touched the lowest level since January.
Exxon Mobil Corp. led gains in 39 of 40 energy producers in the S&P 500 as the price of oil climbed the most in six weeks. Target Corp. and Sears Holdings Corp. rose as the U.S. government said retail sales grew 1.4 percent in October after slumping the most in nine months in September. American Express Co. surged 2.7 percent after loan defaults decreased for a sixth straight month.
The S&P 500 surged 1.5 percent to 1,109.3 at 4:06 p.m. in New York. The Dow Jones Industrial Average added 136.49 points, or 1.3 percent, to 10,406.96. Both reached the highest levels since Oct. 2, 2008. Europe’s Dow Jones Stoxx 600 Index jumped 1.4 percent and the MSCI Asia-Pacific Index climbed 0.9 percent.