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Stocks, Euro Advance as Italy Vote Absorbed in ‘Three Minutes’

  • Volatility drops to one-month low as populist vote priced in
  • Italian banks under pressure as default-insurance costs rise
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Ian Bremmer: Europe, as a Construct, Is 'Failing'

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Stocks in the U.S. and Europe advanced with the euro as investors looked past political turmoil in Italy. Copper hit an 18-month high and gold retreated as the rotation into riskier assets sparked by the American election continued.

The S&P 500 Index advanced toward a record, while carmakers and miners led gains in Europe even as Italy slid into political limbo after Italian Prime Minister Matteo Renzi’s resignation opened the door to fresh elections. The euro earlier fell to its weakest in 20 months. Crude slipped from above $52 a barrel in New York, while gold headed for the lowest close since February. Copper rallied.