Dollar Bulls Vindicated in Longest Run Since 2005: Markets Wrap
- Greenback posts eighth straight up week amid overbought calls
- S&P 500 edges higher on Friday, following a three-day decline
A seemingly unstoppable rally drove the dollar to a record streak of weekly gains, with traders betting the Federal Reserve will keep interest rates higher for longer as the US defies a global economic gloom.
The Bloomberg Dollar Spot Index notched its eighth straight up week — the longest such run since 2005. The advance sent its 14-day Relative Strength Index above 70 — which is seen by some on Wall Street as a sign of an overbought market. The greenback barely budged on Friday. Stocks also saw small moves, with the S&P 500 edging higher after a three-day drop. Nvidia Corp. and Tesla Inc. weighed on the megacap space, while Apple Inc. bounced after a rout that erased $190 billion in value just a few days before the unveiling of the iPhone 15, new smartwatches and the latest AirPods.