Dow Climbs Past 13,000 as Treasuries Retreat; Commodities Gain
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The Dow Jones Industrial Average surpassed 13,000 for the first time since May, while Treasuries fell and commodities gained on speculation the European Central Bank will purchase bonds to help lower borrowing costs and ease the debt crisis.
The Dow average rallied 1.5 percent to 13,075.66 at 4 p.m. in New York and posted the biggest two-day jump since December. The Standard & Poor’s 500 Index rose 1.9 percent to 1,385.97. Ten-year Treasury note yields added nine basis points, the most in almost four months, to 1.53 percent. S&P’s GSCI gauge of 24 raw materials increased 1 percent. The euro appreciated 0.2 percent to $1.2301. A measure of U.S. corporate debt risk dropped for a third day.