June 7 (Bloomberg) -- Stocks rose for a third day and commodities reversed earlier losses as China cut interest rates for the first time since 2008, fueling speculation more policy makers will take steps to revive slowing economies. Spanish bonds stayed higher after a debt sale. The MSCI All-Country World Index added 1 percent at 9:30 a.m. in New York after yesterday surging 2.1 percent in its biggest rally of the year. The Stoxx Europe 600 Index jumped 1.8 percent, while the Standard & Poor’s 500 Index advanced 0.5 percent as trading started. The Spanish 10-year bond yield slid 17 basis points to 6.11 percent and the Markit iTraxx SovX Western Europe Index of credit-default swaps on 15 governments fell two basis points. The Australian dollar rose against 12 of its 16 major peers. Oil gained 2 percent in New York, reversing a 0.6 percent drop. China will lower its benchmark lending and deposit rates effective tomorrow, the People’s Bank of China said. Federal Reserve Chairman Ben S. Bernanke is scheduled to testify on the outlook for the economy in Congress today after Vice Chairman Janet Yellen said the U.S. “remains vulnerable to setbacks” and may warrant additional monetary stimulus. Spain sold 2.07 billion euros ($2.6 billion) of bonds, more than its maximum target of 2 billion euros. “We’ve seen the first policy response today,” said Kevin Lilley, a European fund manager at Old Mutual Asset Managers U.K. in London, which has the equivalent of $6.2 billion in assets under management. “Economic data has just recently deteriorated, which you could argue is more likely to prompt a policy response. I think we are now at that stage.” The S&P 500 climbed for a fourth straight day after staging its biggest rally of the year yesterday, a 2.3 percent surge triggered by speculation global policy makers will act to spur growth. First-time claims for jobless benefits fell by 12,000 to 377,000 in the week ended June 2 from a revised 389,000 the prior week that was higher than initially estimated, the Labor Department said today. The median estimate of 49 economists surveyed by Bloomberg News called for 378,000 claims. Spanish Banks Six shares rose for every one that declined in the Stoxx 600. Sweden’s OMX Index jumped 3.7 percent, the most since November, as the market reopened after a public holiday. A European gauge of banks rose 2.4 percent with Banco Santander SA and Banco Bilbao Vizcaya Argentaria SA, Spain’s two largest lenders, increased more than 2.5 percent. Johnson Matthey Plc climbed 6.5 percent after the maker of a third of all autocatalysts reported a 74 percent jump in full- year profit and said that it will pay a special dividend. Tullow Oil Plc added 4.1 percent after saying it discovered crude at its offshore Ivory Coast well. Narrowing Spread The extra yield investors demand to hold Spanish 10-year bonds instead of benchmark German bunds declined 19 basis points to 476 basis points, or 4.76 percentage points. The 10-year Italian yield fell two basis points to 5.65 percent, while the similar-maturity Swedish yield jumped 30 basis points. France’s 10-year bond yield rose 12 basis points to 2.53 percent even as borrowing costs fell at an auction. The country issued 3.48 billion euros of the benchmark bond at an average yield of 2.46 percent, lower than the 2.96 percent at the last sale on May 3. The yield on the 10-year U.S. Treasury note was little changed at 1.65 percent. The Australian dollar climbed 1.1 percent against the yen after a report showed employment unexpectedly increased in May. The euro appreciated 0.2 percent to $1.2609, after falling as much as 0.3 percent. Emerging Markets The S&P GSCI gauge of 24 commodities rose 1.3 percent as cotton, nickel and sugar jumped more than 2.3 percent. Crude oil in New York rallied 2 percent to $86.68 a barrel. The MSCI Emerging Markets Index rose 1.4 percent, heading for its biggest three-day rally since March. India’s Sensex Index jumped 1.2 percent after Prime Minister Manmohan Singh pledged yesterday to revive growth through infrastructure spending. South Korea’s Kospi index jumped 2.6 percent as the market re-opened after a holiday yesterday. Benchmark gauges in Russia, the Czech Republic, Hungary and the Philippines gained more than 1 percent. To contact the reporters on this story: Stephen Kirkland in London at [email protected] ; Sarah Jones in London at [email protected] To contact the editor responsible for this story: Stuart Wallace at [email protected]
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