U.S. stocks advanced with commodities from crude to copper as investors looked past another rout in Chinese stocks to focus on corporate earnings and the start of the Federal Reserve’s first policy meeting since turmoil gripped financial markets.
The Standard & Poor’s 500 Index extended gains after data showed an increase in consumer confidence. The Dow Jones Industrial Average jumped more than 200 points as 3M Co. and Procter & Gamble Co. surged after reporting results. Treasuries headed for the best monthly gain in a year on speculation the Fed will signal a patient approach to raising rates. Stocks in Europe climbed as crude topped $31 a barrel in New York.
The S&P 500 climbed 1.1 percent at 12 p.m. in New York, paring the U.S. benchmark gauge’s monthly decline to 7.1 percent. Apple Inc. is among 23 companies from the index posting results on Tuesday.
The index has lost more than 8 percent since the Fed raised borrowing costs last month. The probability of a rate increase this week has stayed low after the December liftoff, and chances the Fed will raise in March have fallen to lower than one-in-four from even odds at the start of the year.