Stocks Advance With Dollar as Irma Threat Recedes: Markets Wrap – Bloomberg

U.S. stocks rose toward a record, the dollar strengthened and Treasuries tumbled as investors piled into riskier assets after Hurricane Irma wreaked less damage than forecast and North Korea failed to exacerbate tensions.

The S&P 500 Index headed for an all-time closing high and the Dow Jones Industrial Average topped 22,000. Bloomberg’s dollar index rose for the first time in eight days and 10-year Treasury yields climbed past 2.10 percent. European and emerging-market equities also advanced, while gold, the yen and the Swiss franc retreated.

Pyongyang warned of retaliation if the UN Security Council approves harsher sanctions over its recent nuclear test in a vote Monday. But speculation that the country would mark the anniversary of its founding with another missile over the weekend didn’t come to pass.

“The better risk environment has seen Treasury yields move higher while the yen retreated,” Chris Scicluna, the head of economic research at Daiwa Capital Markets in London, wrote to clients. Hurricane Irma appeared “not to be quite as catastrophic as had been feared last week” and “thankfully there was no bad weekend news out of North Korea.”

The U.S. stocks rally was broad, with the ratio of S&P 500 shares that were rising relative to those that were falling at the highest in a month. The VIX “fear gauge” saw its biggest intraday decline in almost three weeks as financial and technology shares led gains.

Stocks Advance With Dollar as Irma Threat Recedes: Markets Wrap – Bloomberg

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