U.S. Stocks Boosted by Oil Rally as Dollar Slips: Markets Wrap
- S&P 500 drops from near record, rally in tech shares ends
- Crude rises as report shows U.S. inventory drop for fifth week
Oil Resumes Gains on U.S. Data
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U.S. stocks added to all-time highs as oil jumped above $47 a barrel, while the dollar’s rally faltered as markets showed resilience in in the face of Washington political wrangling.
The S&P 500 Index edged higher, enough to claim a second closing record this week, as markets looked past President Donald Trump’s firing of FBI Director James Comey. Energy shares led gains as crude surged almost 4 percent. The greenback fell for the first drop in three days as Federal Reserve Bank of Dallas President Robert Kaplan cast doubt on the pace of rate hikes. Treasuries slipped, while gold ended the longest run of losses since October. Emerging-market equities rose to the highest in almost two years.