U.S. Stocks Rally on Earnings, Softer Trade Stance: Markets Wrap
- Oil declines as OPEC output climbs to highest since 2016
- Pound extends gains as BOE hints at faster rate increases
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U.S. stocks rose for a third day, continuing a torrid rebound from the October sell-off as investors greeted the latest batch of earnings optimistically amid signs of easing trade tension. The dollar sank, and oil tumbled.
The risk-on mood that’s suddenly gripped American equity markets sent the S&P 500 to its best three-day advance in two years. Earnings that for weeks had done little to jolt shares higher contributed to Thursday’s gain, with DowDuPont rallying the most since 2015 and NXP Semiconductors leading a rally in chipmakers. Homebuilders that got trounced in October rallied, while utility stocks that had been in favor slumped.