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U.S. Stocks Surge, Dollar Rises on Trump Tax Plan: Markets Wrap

  • Treasury yields hit two-month high on Yellen’s hawkish remarks
  • Small-caps soar to new record, haven assets continue retreat
Bloomberg business news

Belski Says Markets Should Be Excited by Higher Rates

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U.S. stocks rallied, the dollar extended gains and Treasuries slumped on speculation President Donald Trump’s tax-cut plan will become law this year. Gold sank.

The S&P 500 Index inched close to a record high as banks and tech shares surged on the prospect lower taxes will fuel economic growth. Small caps, a group with among the highest tax rates, jumped the most since March. The Bloomberg dollar index hit a six-week peak, and 10-year note yields climbed to the highest in two months. Gold fell below its 50-day average for the first time since July.