Stocks Rally Globally With Bank Shares in the Lead: Markets Wrap
- HSBC leads a comeback in world’s beaten-down financial shares
- Pound climbs, while oil trades near $40 a barrel in New York
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U.S. stocks jumped after four weeks of declines and European shares added the most in three months amid broad gains for equities. The dollar weakened.
Banks led the S&P 500 Index to its biggest gain in two weeks as investors found buying opportunities after the gauge fell to its lowest since July last week. More than 10 stocks were higher on the benchmark for every one that fell. HSBC Holdings Plc added almost 9% after its biggest shareholder raised its stake, while an index of lenders rose the most a month. Shares also advanced in Asia.