U.S. stocks halted a five-day slide that dragged global equities into a bear market, as oil rebounded from a 12-year low and bank shares surged the most in five months. Treasuries had the biggest drop of the year.
The Standard & Poor’s 500 Index pared a weekly loss amid data showing higher retail sales. Lenders rallied after JPMorgan Chase & Co.’s Jamie Dimon said he bought more shares in the bank, while Commerzbank AG’s results helped European equities rebound from the lowest level since 2013. The yield on 10-year Treasuries climbed for the first time in six days. Crude topped $ 29 a barrel in New York.
Equity markets rebounded after a torrid week when investors questioned whether central banks have the tools to shore up the global economy. Federal Reserve Chair Janet Yellen said the Fed was assessing the impact of the swings in the markets on the economy, while Japanese policy has failed to stem a rout in equities as the yen strengthens. The gains in U.S. retail sales were tempered by a report showing weakening consumer sentiment.
The Standard & Poor’s 500 Index climbed 1.5 percent at 12:55 p.m. in New York, headed for its biggest gain in two weeks. The jump trimmed the week’s loss to 1.2 percent. U.S. markets are closed Monday for the Presidents Day holiday.