Economics
U.S. Stocks Fuel Global Rally as Oil Tops $50; Fed Sinks Dollar
- Fed minutes showed officials wanted to wait for more data
- World equity index on track for its best week since 2012
FOMC Minutes Show Officials Delayed Rate Hike Over Risks
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U.S. stocks climbed as crude oil topped $50 a barrel for the first time since July, while the dollar fell after minutes from the Federal Reserve’s latest meeting indicated the central bank won’t be in a hurry to remove stimulus.
The Bloomberg Dollar Spot Index slipped to a three-week low on prospects the Fed will keep rates lower for longer. The Standard & Poor’s 500 Index closed above 2,000 for the first time since the middle of the August selloff, helping the MSCI All Country World Index extend its longest rally since April. The gauge of global stocks is on track for its best week in almost three years. Crude oil continued its rally, while Treasuries declined.