U.S. Stocks, Dollar Rise as Data Fuel Economic Confidence

U.S. stocks rebounded from yesterday’s drop and the Dollar Index rose to the highest level since July 2010 as better-than-estimated economic data fueled speculation the Federal Reserve will consider scaling back stimulus. Gold extended its longest slump in four years.

The Standard & Poor’s 500 Index climbed 1 percent to a record 1,667.47 at 4 p.m. in New York and the Stoxx Europe 600 Index closed 0.2 percent higher. The gauge of the U.S. currency against six major trade partners gained 0.8 percent to 84.28. The rand sank to its weakest level since 2011 and the Aussie slid to the lowest in almost a year. Gold for immediate delivery fell for a seventh day, while 10-year Treasury yields rose seven basis points to 1.95 percent.