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U.S. Stocks, Dollar Rebound; Brazil Shares Plunge
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Loading...U.S. stocks rebounded from the worst selloff of the year and the dollar strengthened as data reinforced optimism in the economy even as political events continued to roil Washington. Brazilian assets plunged amid a government crisis.
Technology and bank shares resumed rallies, boosting U.S. equities a day after the Trump administrations travails sparked concern that his agenda is imperiled. Measures of jobless claims and regional manufacturing topped estimates, adding to signs economic growth is on firm footing. The dollar benefited from weakness in emerging-market currencies as political turmoil engulfed Brazil.
As the confusion surrounding Trump threatens to derail the policy agenda that helped push global equities to records as recently as Tuesday, a gauge of U.S. stock volatility surged the most since the U.K. voted to leave the European Union last June.
Many of the trades sparked by the president’s November election have now reversed, with the dollar all but erasing its post- election rally.
The S&P 500 rose 0.5 percent to 2,367.75 at 10:37 a.m. in New York, after the benchmark gauge slumped 1.8 percent on Wednesday, its worst day since Sept. 9.
The Stoxx Europe 600 Index declined 0.4 percent, paring a drop that reached 1.2 percent.
The Bloomberg Dollar Spot Index increased 0.2 percent, after dropping 0.5 percent on Wednesday to the lowest level since Nov. 8.
The euro fell 0.4 percent to $1.1119, after four straight days of gains. The British pound jumped 0.4 percent to $1.3018 after data showed retail sales rose more than expected in April.
Gold futures slumped 0.6 percent to $1,251.10, halting a six- day advance sparked by haven demand.
West Texas crude rose 0.4 percent to $49.27 a barrel, after jumping 0.8 percent in the previous session.
Source: Bloomberg Pro Terminal
Jr Trader Alexander Kumanov
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