Stocks Rise as Dollar, Treasuries Drop Amid U.S. Voting
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U.S. stocks and commodities rallied for a second day, while the dollar and Treasuries fell, as investors awaited presidential election results. Oil and gasoline surged the most in a month before an inventories report.
The Standard & Poor’s 500 Index increased 0.8 percent to close at 1,428.39 and the Dow Jones Industrial Average jumped 133 points. Treasury 10-year notes snapped a two-day advance, sending yields up seven basis points to 1.75 percent, and the dollar fell versus 14 of 16 major peers. Oil and gasoline jumped at least 3 percent amid forecasts that fuel supplies slid as Hurricane Sandy shut East Coast refineries. Australia’s currency rallied as the central bank left interest rates unchanged.