Oil surged for a second day, poised for the best weekly gain in more than four years, while U.S. equities investors found a moment of calm in a turbulent week as Federal Reserve officials meet at Jackson Hole.
A relief rally swept around the globe, with the Standard & Poor’s 500 Index capping its biggest two-day gain since 2009 and Chinese shares snapping a five-day losing streak. Oil jumped the most in over six years as the U.S. economy grew more than forecast in the second quarter.
A relief rally is spreading around the globe, with Chinese shares snapping a five-day losing streak. The dollar strengthened and stocks extended gains after the U.S. economy grew more than forecast in the second quarter.
By Anna-Louise Jackson and Oliver Renick Bloomberg News