U.S. Stocks Climb to Record Highs; Dollar Weakens: Markets Wrap
- Crude oil drops with OPEC struggling for consensus on output
- Bitcoin reaches intraday record; gold edges up after decline
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U.S. stocks started December by rising to record highs as a renewal of aid talks added to optimism over progress on coronavirus vaccines. The dollar extended its slide to a more than two-year low and Treasury yields jumped.
The risk-on mood powered the S&P 500 and Nasdaq Composite to all-time highs a day after posting double-digit gains last month. Traders continued to bet vaccine news will lead to an economic surge next year. There were also signs that appetite is picking up for a federal spending plan. President-elect Joe Biden urged Congress to pass a relief package.