Stocks rallied and bonds fell, sending the difference between 2- and 10-year Treasury note yields to a record, on signs the economic rebound is gaining steam. Orange juice futures rose to a 23-month high.

The Standard & Poor’s 500 Index added 1.1 percent to 1,114.05 at 4 p.m. in New York. Europe’s Dow Jones Stoxx 600 Index gained 1.4 percent. The Treasury yield curve touched 282.3 basis points on speculation the economic rebound will fuel inflation, while the cost to protect U.S. corporate bonds from default fell to the lowest since May 2008. Carbon-permit prices tumbled as leaders agreed not to set binding emissions targets at the Copenhagen climate summit.

(Bloomberg.com)