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U.S. Stocks Halt Rally as Dollar Falls; Oil Gains: Markets Wrap

  • S&P 500 Index drops for first time in seven sessions
  • Treasuries advance; Bitcoin briefly tops $48,000 on Tesla buy
Bloomberg business news
The Dollar Is Hitting Important Inflection Point: JH's RolandSource: Bloomberg
Updated on

U.S. stocks halted a six-day winning streak as investors debated whether commitments by the Federal Reserve and the Biden administration to let the economy run hot will spark destabilizing inflation.

The S&P 500 Index edged lower from an all-time high after a 5.4% surge this month fueled by signs the Biden administration intends to pass a sizable aid bill while the central bank promises to keep rates pinned near zero. The Nasdaq 100 Index eked out a gain, while small caps notched the longest rally since December 2019. Treasuries advanced and the dollar fell for a third straight session.