U.S. stocks rose the most in a week, while Treasuries declined and the dollar gained on growing speculation the Trump administration is gaining momentum in its efforts to reform the tax code. Industrial metals rallied.
The S&P 500 Index jumped 1 percent and the Dow Jones Industrial Average added almost 200 points amid reports the Trump team and lawmakers may be making progress toward pro-business reforms. Emerging-market and European equities also advanced. The risk-on tone lifted the dollar and weighed on havens from Treasuries to gold. Crude gained ahead of a U.S. government report that’s forecast to show stockpiles fell.