Global Shares, Pound Rally as Brexit Concerns Soften; Oil Soars
- S&P 500 jumps 1.7% as FTSE 100 rally erases post-Brexit loss
- Crude tops $49 a barrel as dollar slump boosts commodities
U.S., Global Markets Leave Brexit Behind in Rebound
Global stocks rallied for a second day, while the dollar weakened, amid speculation policy makers will move to minimize the impact on global growth of the U.K.’s secession from the European Union. Crude oil gained as American stockpiles fell.
The MSCI All-Country World Index posted its steepest two-day gain since August as central banks around the world signaled a readiness to act if required. The S&P 500 Index erased its loss for the year, with a Goldman Sachs Group Inc. index of the most-shorted shares surging the most since 2009. Britain’s FTSE 100 Index erased its post-Brexit slump with a 6.3 percent surge over two sessions. Emerging-market shares climbed as the dollar fell amid bets the Federal Reserve won’t raise rates this year. U.S. oil topped $49 a barrel.