Stocks climbed as a slew of solid corporate profits took the focus off concerns about the economic impact of coronavirus flareups around the globe. The dollar fell, while Bitcoin surged.
After a bruising selloff driven by worries over a peak in earnings and a slowdown in growth momentum, the S&P 500 notched its biggest back-to-back advance in two months. Once again, the gains were led by companies that stand to benefit the most from a reopening of the economy, such as commodity, financial and industrial shares. A gauge of small caps rose almost 2%.