by Bloomberg
|Thursday, December 17, 2020
Oil climbed to the highest since February.
(Bloomberg) Oil climbed to the highest since February as U.S. lawmakers discuss a virus relief deal that could provide a near-term boost to demand ahead of a wider distribution of the Covid-19 vaccine.
U.S. benchmark crude futures rose 1.1% on Thursday in tandem with a broader market gain. Weak labor market data stoked optimism that Congressional leaders will finalize another round of fiscal stimulus. Meanwhile, European authorities were said to be expediting a vaccine roll-out before Christmas.
“Stimulus is a big driver,” said Gary Cunningham, a director at Stamford, Connecticut-based Tradition Energy. “As we see more stimulus money coming through Congress, it brings more certainty to U.S. economic conditions improving and folks getting back to more free spending.”
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U.S. Stocks Rise to Records, Treasuries Decline: Markets Wrap
Bloomberg 12/17/2020 Claire Ballentine and Vildana Hajric
(Bloomberg) U.S. stocks notched a solid gain to close at all-time highs, even as lawmakers continue to wrangle over a federal-spending deal.
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The S&P 500 climbed for a third day, even with Republicans and Democrats still unable to reach an agreement that would assist millions of Americans who face losing virus-era assistance later this month. Investors earlier took an unexpectedly large rise in jobless claims as a sign the two sides would be prodded toward a deal. The dollar slumped, Treasury yields rose and oil advanced. Bitcoin breached $23,000 for the first time.