U.S. stocks rose, sending the Standard & Poors 500 Index to its best two-day gain in three years, as global equities rallied on the Federal Reserves pledge to be patient on boosting rates.

The S&P 500 added 2.4 percent to 2,061.14 at 4 p.m. in New York, its largest one-day gain since January 2013. The index has climbed 4.5 percent over two days, the most since November 2011.

The MSCI All-Country World Index soared 2 percent and emerging-market stocks surged 1.8 percent. The Stoxx Europe 600 Index advanced 3 percent, the most in three years. Treasuries sank the most in 17 months. Oil slumped 3.2 percent after wiping out a 4 percent rally.

The Chicago Board Options Exchange Volatility Index lost 13 percent to 16.95. The VIX has plunged 28 percent over two days. The index climbed to a two-month high on Dec. 16.

U.S. stocks are rebounding from a seven-day decline that erased $1 trillion from equity prices and coincided with a 15 percent drop in West Texas Intermediate crude between Dec. 5 and Dec. 16. S&P 500 energy producers tumbled 8 percent over the stretch while chemical and mining companies lost 7.4 percent.

Source : Bloomberg