Stocks Rally, Bonds Climb With Fed's Powell on Tap: Markets Wrap
- Gold and oil rise, dollar steady, ruble gains on S&P upgrade
- Fed Chair Jerome Powell is due to speak on Tuesday, Thursday
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U.S. stocks rose to a nearly four-week high Monday as continuing gains in Treasuries pushed yields further below 2.9 percent, alleviating investor angst that higher rates will accelerate fiscal tightening. Oil climbed with gold.
The S&P 500 Index gained for a third day and the Dow Jones Industrial Average climbed to its highest level in almost a month, buoyed by strength in technology and financial shares. Volume was lower than usual as investors await the first public comments from Federal Reserve Chairman Jerome Powell on Tuesday. The 10-year yield fell for a third straight day, reaching a two-week low. The dollar was little changed.