Stock Bears’ Grip Loosens Up With Risk-On Rally: Markets Wrap
- Waller backs ‘significant’ September Fed hike, joining Bullard
- Traders almost fully expect 75-basis-point increase this month
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Stocks joined gains in riskier corners of the market, with the dollar slumping after a seemingly unstoppable surge that rattled global currencies and stoked fears of more headwinds for Corporate America.
In a bullish signal, the S&P 500 topped its 100-day average, snapping a three-week losing streak. The Nasdaq 100 outperformed. Profitless tech firms, meme shares and Bitcoin all rallied. The greenback pushed away from a record high, challenging skeptics who dubbed the drop a correction as calls for a stronger currency were still in place amid tighter Federal Reserve policy.