Equities, dollar and oil gain as gold slips

  • 2/5/2023
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NEW YORK, Dhu-AlHijjah 8, 1436, Sep 22, 2015, SPA -- Wall Street and European stocks rebounded more than 1 percent on Monday in rallies that, along with robust gains in the dollar and global oil markets, showed investors were tilting toward riskier assets. Gold, which benefits from investors' worries, fell back from a three-week high, Reuters reported. The Dow Jones industrial average unofficially ended up 125.61 points, or 0.77 percent, to 16,510.19, the S&P 500 gained 8.94 points, or 0.46 percent, to 1,966.97 and the Nasdaq Composite added 0.04 percent to 4,828.96. The pan-European FTSEurofirst 300 closed up 1 percent even though Germany's DAX was stuck in neutral. Shares of car giant Volkswagen tumbled 19 percent after it was found to have cheated U.S. emission tests. Oil rose, with U.S crude surging around 4 percent on signs of declining stockpiles and less drilling that could reduce future output. The U.S. dollar strengthened more than 1 percent against a basket of major currencies on hopes the Fed was still on track to hike rates this year while the European Central Bank may ease further. The euro U.S. Treasuries prices fell as U.S. equity markets rallied and three top Federal Reserve officials spurred sales of debt by suggesting that a year-end U.S. interest rate increase was possible. Gold retreated from a near three-week high as strength in stocks and the dollar dampened a rally. Spot gold was down 0.5 percent at $1,132.80 an ounce. -- SPA 00:39 LOCAL TIME 21:39 GMT www.spa.gov.sa/w

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