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Stocks Climb to Five-Month High; Dollar Slumps: Markets Wrap

  • Greenback weakens versus most major peers for fourth day
  • Pfizer rises after U.S. order for vaccine; Treasuries mixed
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The U.S. is a prime candidate for a market correction, according to JPMorgan’s Gabriela Santos.Source: Bloomberg)
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U.S. stocks rose for a fourth day as investor optimism over the likelihood for a new spending bill and potential coronavirus vaccines outweighed concern about an escalation of tensions with China. The dollar weakened to the lowest level since March.

The S&P 500 jumped to a five-month high, with utilities, real estate and industrial shares leading the gains. Trump administration officials are said to be discussing a short-term extension of unemployment insurance before the benefits lapse. Futures had retreated overnight on news that the U.S. ordered China’s Houston consulate to quickly close. Shares of Microsoft Corp. slumped and Tesla Inc. surged after the companies released earnings following the close of regular trading.