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U.S. Stocks Rise as Dollar Falls With Treasuries
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Loading...U.S. stocks halted a three-day slide, while the dollar extended its decline as Fed officials weighed the pace of borrowing-cost hikes. The euro rose to the strongest in more than a month after a French presidential debate eased concern about a populist win in the election.
Technology shares led gains in the S&P 500 Index, while European equities got a lift from lenders. The euro strengthened after centrist Emmanuel Macron was widely judged to have come out on top in the televised contest. That helped send the greenback lower for a fifth day. Developing-nation equities extended a winning streak to eight days. Sterling surged after data showed U.K. inflation rose faster than expected.
The euro was one of the biggest gainers against the dollar, which is on its longest losing streak since November after the Federal Reserve’s dovish message on the speed of monetary tightening last week. The Fed could raise interest rates two, three or four times this year, said Chicago Fed President Charles Evans, though his Minneapolis colleague Neel Kashkari argued that there was no need to rush.
The Bloomberg Dollar Spot Index slipped by 0.4 percent, following a 0.1 percent drop Tuesday. The euro was up by 0.6 percent at $1.0808, rising versus all of its G-10 peers except sterling. The British pound traded 0.8 percent higher.
The Stoxx Europe 600 Index added 0.2 percent. Banking stocks outperformed, led by Italian and French lenders, as worries over the French presidential election further abated. Mining stocks lost ground, trimming recent sharp gains. The S&P 500 rose 0.3 percent. The benchmark gauge fell 0.2 percent on Monday. The yield on 10-year German government bonds rose four basis points to 0.48 percent.
Bloomberg
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