U.S. Stocks Climb on Oil Rally as Dollar Plunges Most in 7 Years

  • Greenback sinks as services PMI fuels angst over U.S. economy
  • S&P 500 erases loss of 1.6% as WTI surges past $32 a barrel

Oil at $30: Fundamentals vs. Momentum

The dollar sank the most in seven years against major currencies as data indicating a slowdown in service industry growth fueled concern over the strength of the U.S. economy. American stocks staged an afternoon rally, erasing earlier losses as crude oil rebounded.

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