July 27 (Bloomberg) -- U.S. stocks rose for a second day, commodities climbed and the euro strengthened amid speculation that European policy makers may take steps to ease the debt crisis. The Standard & Poor’s 500 Index increased 0.6 percent to 1,368.35 at 9:37 a.m. in New York. The Stoxx Europe 600 Index rose 0.8 percent. S&P’s GSCI gauge of 24 raw materials added 0.5 percent. The euro appreciated 0.3 percent to $1.2321 and Italy’s 10-year bond yield declined 15 basis points to 5.90 percent. A measure of U.S. corporate debt risk fell for a third day. German Chancellor Angela Merkel and French President Francois Hollande said their countries are “bound by the deepest duty� to keep the euro area intact and that they will do “everything� necessary to protect the single currency. The European Central Bank is preparing a plan to buy securities of the region’s most indebted economies, Le Monde reported. “Yesterday with Draghi and now this rumor that they’ll buy bonds are being seen as good news,� James W. Gaul, portfolio manager Boston Advisors LLC in Boston, said in a phone interview. His firm oversees about $2 billion. “The best case is that they actually do something meaningful and that this is the start of a rally.� U.S. stocks yesterday snapped four days of losses, sending the S&P 500 up 1.7 percent, after ECB President Mario Draghi pledged to preserve the euro. Draghi suggested policy makers may intervene in bond markets as surging yields in Spain and Italy threaten the existence of the currency bloc. Facebook Slumps Facebook Inc. tumbled 14 percent after reporting slower sales growth and narrower profit margins. Operating margin, excluding certain costs, was 43 percent in the second quarter, a drop from 53 percent a year earlier, amid a fourfold surge in sales and marketing expenses, the company said yesterday. Starbucks Corp., the world’s largest coffee-shop chain, plunged 10 percent after forecasting fourth-quarter profit that missed estimates. Cie. de Saint-Gobain SA, Europe’s biggest supplier of building materials, tumbled 11 percent after cutting its full-year outlook, citing Europe’s economic crisis. The Stoxx Europe 600 Index is poised for a 0.2 percent drop for the week, after seven straight weeks of gains. Total SA, France’s largest oil producer, climbed 3.6 percent as second- quarter profit rose. Barclays Plc surged 7.8 percent after reporting earnings that beat analysts’ estimates on growth in retail and investment banking. Euro Climbs The euro climbed for a third day against the dollar. Canada’s dollar rose to almost a 10-week high against its U.S. counterpart, gaining 0.2 percent to C$1.0080 cents per U.S. dollar. Italy’s 10-year yields fell below 6 percent for the first time in a week and similar maturity German bonds were at 1.36 percent. Spanish 10-year yields fell 21 basis points to 6.72 percent. Treasuries fell for a third day, with 10-year yields rising four basis points to 1.48 percent. Two-year yields were little changed at 0.23 percent, having climbed three basis points since July 20, heading for the first weekly increase since the period ended June 22. The MSCI Emerging Markets Index climbed 2.1 percent. South Korea’s Kospi index led gains among emerging-market gauges, climbing 2.6 percent, the most since January. The Hang Seng China Enterprises Index of mainland companies listed in Hong Kong advanced 2 percent. Benchmark indexes added 0.4 percent in Russia and South Africa. --With assistance from Paul Armstrong, Paul Dobson, Andrew Rummer, Steve Voss and Jason Webb in London. Editor: Lynn Thomasson To contact the reporters on this story: Claudia Carpenter in London at ccarpenter2@abloomberg.net Richard Frost in Hong Kong at rfrost4@bloomberg.net To contact the editor responsible for this story: Stuart Wallace at swallace6@bloomberg.net

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