Stocks Reach Record Highs After China’s Moves, Fed: Markets Wrap
- Dollar jumps to four-month high after robust housing data
- Yen falls to nine-month low on concern Japan set for recession
WATCH: Direxion’s Sylvia Jablonski discusses how the coronavirus is affecting investor sentiment.
Equities advanced on signs that China may be planning further measures to support its economy as it reels from a virus-induced slowdown and after Federal Reserve officials signaled they aren’t anxious to raise interest rates anytime soon.
Gains for chipmakers and banks led the S&P 500 Index and Nasdaq Composite to record highs after Bloomberg News reported that China’s latest moves to aid growth include possible bailouts for hard-hit industries. The dollar climbed to the strongest since October after data on housing starts and building permits exceeded analysts’ estimates. Treasuries held steady after minutes showed Federal Reserve officials viewed monetary policy as appropriate “for a time.”