U.S. Stocks Slip With Dollar as Commodities Rally: Markets Wrap
- President-elect failed to provide policy details in speech
- Drugmakers slide in Europe as Trump criticizes pharma industry
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Treasuries climbed, while the dollar slumped with U.S. stocks on speculation post-election market moves went too far, with investors awaiting corporate earnings and fresh economic data for clues on the economy’s strength.
Selling in the dollar and equities eased in afternoon trading, with the S&P 500 Index recouping more than three quarters of its losses to close 0.3 percent below an all-time high. Banks led declines, with three of the largest U.S. lenders due to report fourth-quarter results Friday. The Bloomberg Dollar Spot Index cut its second consecutive drop in half. The yield on 10-year Treasury notes slid for the third time this week. Oil posted the biggest two-day gain in six weeks.