Stocks Rise Amid Earnings, Dollar Advances on Economy Optimism
- Dollar index trades near seven-week high as rate outlook rises
- Technology companies, carmakers lead gains in Europe, U.S.
Derrick: Downward Pressure Mounting on the Euro
Positive earnings set the tone for equity markets, pushing U.S. stocks to fresh records, while the dollar traded at a seven-week high as speculation grew the U.S. will raise interest rates this year. Turkey’s lira fell to a record.
The Dow Jones Industrial Average capped a ninth straight gain in the longest rally since 2013, as Microsoft Corp. jumped after profit topped estimates. The S&P 500 Index closed at a record, with technology shares pacing gains. The euro traded close to its post-Brexit low on speculation of additional central-bank stimulus on Thursday. The lira fell after S&P Global Ratings downgraded the nation’s debt. Gold closed at a three-week low. The New Zealand dollar fell after the central bank said a decline more easing is likely to spur inflation, while Brazil’s central bank held rates steady.