Stocks jumped, sending U.S. benchmark indexes to their biggest gains in three months, while the euro and commodities rallied and Treasuries slid amid improving data on the American and Chinese economies and speculation of a larger effort to end Europe's debt crisis.
Treasuries rose for a third day on speculation a funding crisis in Ireland will spread to Portugal and Spain, increasing demand for the relative safety of U.S. government debt.
Tax-exempt bonds had their worst monthly returns of 2010 as rising U.S. Treasury yields and record state and local debt sales sparked withdrawals from mutual funds investing in municipal securities.
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