Markets rise as Brexit concerns fall

Global stocks rose for a second day on Wednesday.

The MSCI All-Country World Index rose 2.2 percent, bringing its two-day gain to 3.9 percent.

The S&P 500 rose 1.7 percent for a two-day gain of 3.5, erasing its loss for the year in the process.

The STOXX Europe 600 Index surged 3.1 percent. It has recovered 4.7 percent of the 11 percent loss over Friday and Monday.

The FTSE 100 Index erased its post-Brexit plunge with a 6.3 percent surge over the past two sessions as the pound extended its rally from a three-decade low on Monday.

Oil rose, with West Texas Intermediate crude rising 4.2 percent.

Yields on US 10-year Treasuries rose five basis points to 1.52 percent after falling on Monday to their lowest point in almost four years.

“It’s looking increasingly likely that the worse-case scenario, which is what markets initially reacted to, is not the most likely case,” said Brad McMillan, chief investment officer of Commonwealth Financial Network in Waltham, Massachusetts.