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Dollar Rallies, Commodities Slide; S&P 500 Reaches Record




The Dollar Index (DXY) extended its biggest two-day rally since July, helping trigger a plunge in commodities, and Treasuries tumbled amid improving confidence in the strength of the American economy. U.S. stocks advanced, returning benchmark indexes to all-time highs.



The Dollar Index, a gauge of the currency against six major peers, added 0.4 percent to 83.15 to extend its two-day gain to 1.5 percent. The yen traded beyond 101 per dollar for the first time in four years. Gold lost more than 2 percent and wheat and corn fell after a crops report. Ten-year Treasury yields rose eight basis points to 1.89 percent, the highest since March. The Standard & Poor’s 500 Index rose 0.4 percent to 1,633.7, extending a weekly gain to 1.2 percent and reaching a record for the sixth time in seven days. Gold and wheat helped lead losses in 20 of the 24 commodities tracked by the S&P GSCI Index, sending the gauge down as much as 2.2 percent, as the stronger dollar caused declines in prices of materials denominated in the U.S. currency. U.S. jobless claims yesterday fell to a five-year low, bolstering optimism in the economy. Group of Seven finance chiefs and central bankers meet today in the U.K. for talks. “Commodities are taking a hit because the dollar is ripping,” said Bob Yawger, director of the futures division at Mizuho Securities USA Inc. in New York. “The Dollar Index crossed 83, which is hurting all these markets.” Dollar, Commodities The U.S. dollar strengthened against all 16 major peers, climbing more than 1 percent versus the currencies of New Zealand and South Korea . Gold for June delivery tumbled 2.2 percent to $1,436.60 an ounce. West Texas Intermediate oil dropped 0.4 percent to $96.04 a barrel, paring a loss of as much as […]



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