U.S. stocks rose, erasing an early slump, as speculation that global credit markets are improving overshadowed a drop in commodity producers.

Goldman Sachs Group Inc., JPMorgan Chase & Co. and Bank of New York Mellon Corp. helped financial shares in the Standard & Poor’s 500 Index erase a 1.3 percent slide as Moody’s Investors Service said it may lift Brazil’s debt rating. American Express Co. jumped 5.3 percent as Stifel Nicolaus & Co. upgraded the shares, while Philip Morris International Inc. helped lead a gauge of consumer companies to the best advance among 10 groups.

The S&P 500 rose 0.3 percent to 898.72 at 4:09 p.m. in New York. The benchmark index for U.S. equities slid as much as 1.1 percent earlier, led by producers of energy and raw materials, as oil slid to a five-week low and metal prices slumped. The Dow Jones Industrial Average added 44.13 points, or 0.5 percent, to 8,324.87 after tumbling 75 points earlier.

Stocks climbed from their lows of the day as the Treasury’s auction of $8 billion in 10-year inflation-linked securities drew a yield of 1.92 percent, below the 1.933 percent average forecast of seven bond-trading firms surveyed by Bloomberg. The auction, which drew the most demand in nine years, eased concern that record government debt sales will overwhelm demand.

(Source: Bloomberg.com)