Stocks and commodities rose as Europe’s leaders reached a budget agreement, China’s trade expanded more than estimated and companies posted better-than- forecast earnings. Spanish bonds gained and the yen rallied. The Standard & Poor”s 500 Index added 0.6 percent to 1,517.93, the highest since November 2007, and the Stoxx Europe 600 Index gained 1.2 percent. Japan’s Nikkei 225 Stock Average sank 1.8 percent as Sony Corp. tumbled. The yen strengthened 1 percent to 92.77 per dollar, trimming its decline in the past three months to 14 percent. Spain’s 10-year bond yield dropped six basis points to 5.36 percent while U.S. Treasury rates fell less than one basis point to 1.95 percent. Zinc, gasoline and heating oil jumped at least 1.3 percent to lead commodity gains.