Stocks Notch Three-Day Rally Ahead of Vote Results: Markets Wrap
- Investors eye prospects of gridlock in US government
- Dollar falls third day; policy sensitive 2-year yield drops
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US stocks rose for a third day as investors awaited midterm election results and monitored the selloff in crypto tokens that wiped out more than 10% from the price of Bitcoin. The dollar fell with Treasury yields.
The S&P 500 closed higher, after earlier wiping out gains that had topped 1%. Sentiment was dented after Bitcoin plunged as the owner of the largest crypto exchange swooped in to buy a smaller rival that ran into liquidity trouble. The yield on two-year Treasuries, more sensitive to Federal Reserve policy changes, shed 6 basis points, while a gauge of the dollar dropped for a third day.