Commodities Rise, Dollar Drops After China Keeps Rates on Hold
This article is for subscribers only.
Commodities rallied and the dollar weakened after China refrained from increasing interest rates. U.S. stocks erased gains, and Treasuries rose before tomorrow’s Federal Reserve statement on the economy as 10-year note yields near a six-month high attracted investors.
The Standard & Poor’s GSCI Index of commodities advanced 1.3 percent at 5 p.m. in New York as copper surged to a record high of $9,248 a metric ton in London. The euro rose 1.3 percent to $1.3391 as the dollar slumped against 15 of 16 major counterparts. The S&P 500 wiped out a 0.5 percent rally in the final 72 minutes of trading. Ten-year Treasuries rallied after yields increased to 3.39 percent.