Skip to content
Subscriber Only

U.S. Stocks Climb to Record Highs; Dollar Weakens: Markets Wrap

  • Crude oil drops with OPEC struggling for consensus on output
  • Bitcoin reaches intraday record; gold edges up after decline
Video player cover image
The rotation into cyclicals has legs, says Alan Higgins, chief investment officer at Coutts & Company.Markets: European Open. (Source: Bloomberg)
Updated on

U.S. stocks started December by rising to record highs as a renewal of aid talks added to optimism over progress on coronavirus vaccines. The dollar extended its slide to a more than two-year low and Treasury yields jumped.

The risk-on mood powered the S&P 500 and Nasdaq Composite to all-time highs a day after posting double-digit gains last month. Traders continued to bet vaccine news will lead to an economic surge next year. There were also signs that appetite is picking up for a federal spending plan. President-elect Joe Biden urged Congress to pass a relief package.