Stocks Extend Biggest Rally Since April; Oil Drops: Markets Wrap

Ten of 11 sector groups gain in S&P 500: Fed holds steady
Bloomberg dollar index touches lowest level since May 2018

Bond yields have more room to the downside, says Thomas Harr, global head of macro, fixed income and strategy research at Danske Bank.Source: Bloomberg

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By Vildana Hajric and Claire Ballentine

November 4, 2020 at 9:36 PM UTC

Updated on

November 5, 2020 at 9:05 PM UTC

This article is for subscribers only.

Stocks rallied globally as investors rushed back into technology and health-care firms on bets that the U.S. election results will mean no major tax hikes or regulatory changes that would derail the sectors. The dollar weakened to the lowest level in more than two years.

The S&P 500 jumped more than 1% for a fourth consecutive day and is headed for the best week since April. The tech-heavy Nasdaq 100 surged 2.6%, pushing its advance this week more than 9%. Federal Reserve officials kept interest rates near zero and made no change to asset purchases as the results of U.S. presidential and congressional elections remain uncertain.