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
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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.