South America Stock Markets Rally; Vale, Petrobras, MercadoLibre Up
By: ALAN R. ELLIOTT
Stocks in Argentina and Brazil booked strong gains Monday, as Argentina sealed a historic debt agreement, and as some mining and energy plays soared in Brazil.
Sao Paulo’s benchmark Ibovespa index surged 2.9%. In Argentina, the Merval index in Buenos Aires rose 1.4%.
The two indexes have rebounded unevenly in recent weeks. Argentina’s Merval is up 43% from a Jan. 20 low. The Ibovespa has climbed 14% above its Jan. 26 low.
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