Stocks, Treasuries Rise, Dollar Weakens Before Fed’s Decision
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U.S. stocks rallied, sending benchmark indexes to six-month highs, as investors awaited the Federal Reserve’s plans to boost the economy and election results that may divide Congress. The dollar weakened and Treasuries rose.
The Standard & Poor’s 500 Index climbed 0.8 percent to 1,193.57 at 4 p.m. in New York and the Stoxx Europe 600 Index added 0.4 percent. Ten-year Treasury yields decreased three basis points to 2.59 percent and the dollar fell versus 12 of its 16 most-traded peers. Cotton rose to a record and sugar reached a 29-year high. Oil surged to a six-month high of almost $84 a barrel.