Stocks Post Biggest Weekly Increase Since July: Markets Wrap
- Dollar gauge drops to lowest level in more than three weeks
- Oil declines as hurricane winds weaken; yields little changed
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U.S. stocks rallied, with the S&P 500 posting its biggest weekly increase since July, as traders bet lawmakers are moving closer to providing more fiscal stimulus. Treasury yields were mostly flat and the dollar slipped.
The benchmark equity gauge rose for a third day with President Donald Trump saying he now wants an even bigger package than what Democrats offered. For the week, the index finished up 3.8%. The tech-heavy Nasdaq 100 jumped 1.5% on Friday, with chip maker Xilinx Inc. leaping on a report it’s in advanced talks for a $30 billion takeover by rival Advanced Micro Devices Inc.