S&P 500 Rises for a Second Week; Yields Drop
US stocks ended a shortened trading session higher while Treasury yields declined. Speculation that President-elect Donald Trump will temper his most extreme trade policies drove the dollar to its biggest weekly loss in three months.
The S&P 500 climbed more than 1% for a second straight week. On Friday, it rose 0.6%, notching fresh record highs. The 10-year Treasury yield fell to 4.19%. The Bloomberg Dollar Spot Index extended a weekly decline to more than 1%, snapping eight weeks of gains.
Trump’s pick for his Treasury secretary has fueled optimism that tariffs will be measured, boosting US stocks and bonds, and sapping dollar strength. The S&P 500 rose 5.7% in November, its best month this year, as investors plowed $141 billion into US equities, the heaviest inflows for a four-week period on record, according to EPFR Global data. A handful of tech titans have led 26% year-to-date gains in US stocks on the prospect of Federal Reserve rate cuts while the American economy continues to grow.
Source: Bloomberg
