S&P 500 Gains as Banks Rally; Euro Falls on Draghi Speech
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Most U.S. stocks rose, led by financial shares, as the Standard & Poor’s 500 Index extended its rally past 1,600. The euro fell as European Central Bank President Mario Draghi said policy will remain accommodative and the ECB will act again to boost growth if needed.
The S&P 500 climbed 0.2 percent to 1,617.50 at 4 p.m. in New York. The 17-nation euro lost 0.3 percent to $1.3076 and Japan’s currency fell 0.4 percent to 99.36 per dollar. Ten-year Treasury yields rose two basis points to 1.76 percent. Oil gained, while corn and wheat lost more than 2 percent. Malaysia’s benchmark stock index jumped to a record and the ringgit rallied as the ruling coalition won elections.