Wall Street closed lower on Thursday after making a u-turn toward the end of the session as reports emerged about U.S. President-elect Joe Biden's pandemic aid proposal following earlier data that showed a weakening labor market.
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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.