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.
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.