Stocks rose around the world, oil and metal prices rallied and Treasuries fell on speculation China will broaden efforts to boost growth and U.S. lawmakers will reach agreement on a plan to stem mortgage defaults.

The S&P 500 added 2.4 percent to 712.87 after closing below 700 for the first time since October 1996 yesterday. The Dow Jones Industrial Average rose 149.82 points, or 2.2 percent, to 6,875.84. Benchmark indexes from Hong Kong to London climbed more than 2 percent, with China’s Shanghai Composite Index jumping 6.1 percent, the most in four months.

Treasuries fell, sending yields on 10-year bonds up 10 basis points to 2.98 percent. The dollar and yen declined against most major currencies as demand for a refuge from global financial turmoil diminished. About 11 stocks rose for every two that fell on the New York Stock Exchange.

(Bloomberg.com)