Stocks ‘Juggernaut’ Extends Rally; Dollar Weakens: Markets Wrap
- S&P 500, Nasdaq, MSCI All-Country World indexes reach highs
- Oil trades near five-month high as hurricane nears Gulf Coast
Stocks extended a streak of record gains amid rising expectations for loose monetary policy while the economy shows signs of recovering from the coronavirus pandemic. The dollar weakened and gold appreciated.
Surging technology shares pushed the S&P 500 and Nasdaq Composite indexes to fresh highs for a fourth consecutive day, while the MSCI All-Country World Index climbed to a record. The S&P has jumped about 55% from its March lows. Salesforce.com Inc. leaped 26% after the software developer’s revenue easily beat estimates, signaling clients responded to the pandemic by upgrading technology systems. U.S. orders for durable goods rose in July by more than double estimates, indicating factories will help support the economic rebound in coming months.