Economics
Dollar Falters as U.S. Stocks Hold at Seven-Week High, Oil Sinks
- Trading muted with bond market shut for U.S. federal holiday
- Crude sinks most in six weeks as OPEC posts output increase
Charting the Ninth Day Of Gains in Global Equities
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The dollar traded at a three-week low even after Federal Reserve officials continued to back the case for higher interest rates this year, spurring gains in emerging-market assets. U.S. stocks held at their highest level in seven weeks in light holiday trading.
The greenback maintained losses versus most of its major peers, with currencies of resource-rich nations extending gains, led by the New Zealand and Australian dollars. The Standard & Poor’s 500 Index eked out a 0.1 percent climb, its ninth advance in 10 days, and Asian shares rose, while stocks in Europe halted a six-day rally. Oil sank the most in six weeks after OPEC reported its steepest output in three years.