Gold Erases Gains as U.S. Data Refuels Recovery Optimism
This content was published on April 23, 2021 - 18:59
April 23, 2021 - 18:59
(Bloomberg) Gold fell amid rising bond yields after strong U.S. economic data refueled optimism of a global recovery.
New-home sales in the U.S. rebounded sharply in March to the highest since 2006, suggesting that the housing market is back on track after winter storms impeded demand in February. Meanwhile, output at manufacturers and service providers reached a record high in April. The yield on benchmark 10-year Treasuries is heading for the first gain in four days, making the non-interest bearing metal less attractive.
Asia stocks mixed after tax proposal riles US: markets wrap
moneyweb.co.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneyweb.co.za Daily Mail and Mail on Sunday newspapers.
Stocks rally on solid economic data; dollar falls - Article
bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
Stocks climbed after strong economic data added to evidence the recovery is gaining momentum, with traders also assessing a batch of corporate earnings. The dollar retreated.
Most major groups in the S&P 500 advanced, led by financial and material shares. A gauge of smaller companies outperformed major benchmarks, while Tesla Inc. and Apple Inc. paced gains in megacap stocks. Blue chips Honeywell International Inc., American Express Co. and Intel Corp. weighed on the Dow Jones Industrial Average after their quarterly results.
Equities whipsawed this week amid a flare-up in global coronavirus cases and news that the White House plans to propose almost doubling the capital-gain tax rate for the wealthy. Investors also waded through corporate outlooks and economic readings, with data showing U.S. new-home sales rebounded in March to the highest since 2006. Meanwhile, output at manufacturers and service providers reached a record high in April.