U.S. stocks surged, with the Standard & Poor’s 500 Index’s second-best gain this year, after a late rally in Chinese stock markets led global equities higher.

The S&P 500 jumped 2.5 percent to 1,969.28 at 4 p.m. in New York, after the gauge’s second-biggest weekly retreat this year.

Equities around the world climbed today, led by China. A rally in Shanghai in the final hour of trading followed a pattern that has recently suggested state intervention to prop up the nation’s equities. U.S. stocks have turned more volatile in recent weeks amid concerns that a Chinese economic slowdown will weigh on global growth, while investors bet the Federal Reserve is on course this year for its first interest-rate increase since 2006.

The S&P 500 swung up or down an average of 2 percent a day for more than two weeks through Friday, while before Aug. 20, the 2015 average was around 0.6 percent. In 10 of the last 13 days, the benchmark has closed with a move of at least 1.3 percent. The Chicago Board Options Exchange Volatility Index had posted 11 straight sessions above 25, a level that before August it touched on just five days since 2011.

Investors remain confident the Fed will raise borrowing costs this year, even as they pare bets on policy makers deciding to do so at a meeting next week. Traders are pricing in a 30 percent chance the central bank will increase rates at this month’s gathering, down from 48 percent before China’s currency devaluation on Aug. 11. Odds of a move at the December meeting are 59 percent, according to data compiled by Bloomberg.

All of the S&P 500’s 10 main industries climbed at least 1.3 percent Tuesday, with industrial, raw-material, health-care and technology companies rising the most, up more than 2.4 percent.

Source: Bloomberg