U.S. Stocks Hit Records as Oil Rallies, Bonds Slip: Markets Wrap
- Crude rises as Russia, Saudi Arabia favor longer output deal
- S&P 500 climbs above 2,400 as dollar retreats fourth day
Saudis, Russia Favor Prolonged Oil Production Cuts
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U.S. stock indexes rose to new highs as a rally in crude and dollar weakness sparked gains in commodities producers. Emerging-market assets jumped and Treasuries slid.
The S&P 500 Index and Nasdaq Composite Index set records as energy, financial and materials shares paced the gains. West Texas Intermediate crude added 2 percent after Saudi Arabia and Russia said they’d extend a production-cut deal longer than expected. The South African rand, Mexican peso, Brazilian real and Canadian dollar were among the best performing major currencies.