Stock Euphoria Takes Over With Havens in Retreat: Markets Wrap
- Banks lead the S&P 500 Index to highest in three months
- Dollar, gold, Treasuries drop as investors leave safety behind
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Global stocks extended their rally into an eighth straight day as investors clung to optimism for a quick economic recovery from the pandemic.
The Nasdaq 100 briefly surpassed its February closing record. Banks led the S&P 500 Index toward a three-month high, with four stocks gaining for every one that fell. The dollar dropped to its weakest since early March. Gold and Treasuries also slumped as investors turned away from havens after U.S. private payrolls showed fewer job losses than forecast in May.