Dollar up along with S&P 500 ahead of US holiday

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Wall Street stocks mostly rose and the dollar rallied Wednesday following a heavy load of mostly solid US economic data ahead of a holiday

While European equities remained pressured by worries over renewed Covid-19 restrictions, two of three major US indices advanced ahead of Thursday’s Thanksgiving holiday, when US markets are closed, and the next day’s “Black Friday” kickoff of the holiday shopping season.

Not all of the reports were great. New home sales lagged expectations, while durable goods orders fell. “Still, the recovery process isn’t complete, with spending on services well below its pre-pandemic trend, and the transition from the public- to private-driven growth will be delicate.” Elsewhere, oil prices inched lower in a partial reversal of Tuesday’s rally in response to the announcement that the United States and five other countries would release oil from their strategic reserves.

 

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