March 4 (Bloomberg) -- 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.
Alcoa Inc. and Freeport-McMoRan Copper & Gold Inc. jumped more than 12 percent and Chevron Corp. rose 2.7 percent as an official in China said Premier Wen Jiabao will announce a new stimulus plan tomorrow. Caterpillar Inc., the biggest maker of bulldozers, surged 13 percent. The Standard & Poor’s 500 Index rebounded from a 12-year low after five straight losses dragged its valuation to the cheapest since 1986.
“Stocks are cheap and the sun will rise again,” said Lawrence Creatura, a Rochester, New York-based money manager at Federated Investors Inc., which oversees $407 billion. “There’s a ray of sunshine in two areas: China and housing. It’s an incremental positive for both commodities and housing.” more...
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