U.S. Stocks Pare Weekly Gain; Dollar Advances: Markets Wrap
- Dollar strengthens; crude oil slides amid demand pessimism
- ECB warns of double-dip recession; Treasuries and bunds steady
This article is for subscribers only.
U.S. stocks slipped from records as investors grew anxious that the virus will hamper growth for longer than expected and Democrats may struggle to get a nearly $2 trillion spending bill through Congress.
The S&P 500 Index fell for the first time in four days, with losses widening on reports that the new virus strain may be deadlier. It rose 1.9% in the week. Oil’s slump dragged energy companies lower, while Intel Corp. dropped after its new boss recommitted to chipmaking, a move opposed by some investors. Yields on Treasuries edged lower, and crude oil slid below $53 a barrel. Bloomberg’s dollar index rose for the first time in five sessions.