‘Epic’ Stock Rally Fades Amid Signs of Overheating: Markets Wrap
- Dollar’s worst week in months erases 2023 gain on Fed cut bets
- Oil gains, but sees fourth straight weekly drop on supply woes
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US stocks saw small moves after a $2.7 trillion rally in November that was fueled by bets the Federal Reserve will end its hiking cycle to prevent a recession. The dollar erased its 2023 advance.
The S&P 500 traded above 4,500, notching its third straight week of gains — the longest run since July. Piles of derivatives contracts tied to stocks and indexes matured — which typically amplifies instability. Applied Materials Inc. sank on a report it faces a US criminal probe for allegedly violating export restrictions to China. Homebuilders rose as new home construction picked up.