Stocks Extend Four-Day Rally While Dollar, Oil Retreat
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U.S. stocks extended a four-day rally as retailers gained after reporting improving sales and jobless claims dropped more than forecast. The dollar weakened against most major peers as investors bet global central-bank stimulus will bolster demand for higher-yielding assets.
The Standard & Poor’s 500 Index added 0.4 percent to 1,593.37 at 4 p.m. in New York and extended this week’s gain to 2.6 percent, its best advance since the beginning of the year. The U.S. currency was lower against 14 of 16 major peers and the Dollar Index dropped 0.3 percent to trade near the lowest level in more than a month. Crude oil slid more than 1 percent to help lead commodities lower as the International Energy Agency trimmed its forecast for global demand.