Wall St advances, dollar declines as remarkable year nears finish line reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
The United States dollar fell the lowest since April 2018 against a basket of world currencies as investors bet on more fiscal support
Wall Street advanced and the dollar dipped to its lowest in more than two years on Wednesday, the penultimate trading day in an extraordinary year of pandemic, recession and recovery.
All three major US stock indexes were up in a broad rally, as impending stimulus and the ongoing rollout of COVID-19 vaccines fed optimism over economic recovery in 2021.
“I would caution against reading too much into trading action this week because it’s a shortened week and volumes are typically down, so there tends to be more volatility,” said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana.
Mexico's death toll from COVID-19 surpassed India to be the third highest in the world, while the United States detected its first two cases in South Carolina of the coronavirus variant originating in South Africa.
Gold price higher as dollar hits multiyear low
Shutterstock image.
Gold prices edged higher on Wednesday, as the prospect of increased fiscal aid pushed the US dollar to another multiyear low. However, the ongoing covid-19 vaccine rollouts and increased risk appetite limited bullion’s gains.
Spot gold advanced 0.4% to $1,885.05 per ounce by 11:35 a.m. EST, while US gold futures rose 0.3% to $1,889.30 per ounce in New York.
Sign Up for the Precious Metals Digest
Sign Up
On Wednesday, the dollar index fell to its lowest since April 2018 following US Senate Majority Leader Mitch McConnell’s decision to delay a vote on increasing covid-19 relief checks to $2,000.
About DTN
DTN delivers accurate, objective, real-time, and actionable insights to increase our 2 million customers’ confidence and support their business decisions. In a data-rich world, our actionable insights in weather and financial analytics make sense of the information, drive change in processes and help businesses prosper. They empower our agriculture, energy and transportation customers – those who work endlessly to feed, fuel and protect our world. We believe that when our customers are supported with the most reliable and innovative information to the Nth Degree, they prosper and we all win. DTN is based in Minneapolis with offices globally.