S&P 500 Rises to 10-Month High as Crude Rallies, Dollar Weakens
- Greenback slides to lowest in a month on Fed rate bets
- U.S. crude settles above $50 a barrel as commodities gain
Oil Prices Will Head Back Down, Here's Why
The S&P 500 Index rose to the highest level since July as crude settled above $50 a barrel and the dollar weakened to a one-month low on speculation that the Federal Reserve won’t rush to raise rates amid moderate growth in the world’s largest economy.
The U.S. equity benchmark edged higher for the fourth time in five days, climbing within 0.7 percent of a record before fading late as banks retreated. The Nasdaq Composite Index turned negative amid losses among biotechnology shares. Crude jumped above $50 a barrel, pushing energy shares in the S&P 500 to a seven-month high. The dollar dropped to a one-month low, boosting emerging-market stocks and currencies for a fourth day. Treasuries rose, sending the 10-year yield to 1.71 percent.