S&P 500 Wipes Out 2020 Loss With a Historic Rally: Markets Wrap

  • U.S. stock benchmark has surged about 45% from its March low
  • Dollar falls for eighth day, longest slide in almost a decade
Peter Kinsella, global head of FX strategy at Union Bancaire Privee Ubp SA, discusses the state of play in equities, the rally in risk assets and his outlook for the U.S. dollar.Source: Bloomberg
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The torrid rally in U.S. stocks pushed the S&P 500 into the green for the year as easing lockdowns bolstered economic optimism. The dollar fell.

A jump to a 15-week high on Monday extended the benchmark’s surge from its March low to almost 45%. Energy shares drove the advance as Occidental Petroleum Corp. soared after Bloomberg News reported the company is reviewing options for its Middle Eastern assets. The Nasdaq 100 rose to a record high, and Boeing Co. led gains in the Dow Jones Industrial Average. The dollar posted its longest slide in almost a decade, while Treasuries increased. Oil sank as Saudi Arabia said it wouldn’t continue its additional, deeper output curbs after June.